6-4-12. Obligations or indebtedness not to constitute indebtedness of state or political subdivisions.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

No bonds, notes, or other obligations of and no indebtedness incurred by the authority shall constitute an indebtedness or obligation of the State of Georgia or any county, municipal corporation, or political subdivision thereof nor shall any act of the authority in any manner constitute or result in the creation of an indebtedness of the state or any such county, municipal corporation, or political subdivision. No holder or holders of any such bonds, notes, or other obligations shall ever have the right to compel any exercise of the taxing power of the state or any county, municipal corporation, or political subdivision thereof nor to enforce the payment thereof against the state or any such county, municipal corporation, or political subdivision; and all such bonds shall contain recitals on their face covering substantially the foregoing provisions of this Code section.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 6-4-12, enacted by Ga. L. 1992, p. 1615, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t4-6-(v4)-2013-pdf.pdf, Volume V4, 2013 edition, pages 817 to 818; merge action: carried; file SHA-256 290d3a1d6843.