TITLE 33

EDUCATION

CHAPTER 38

STATE INSTITUTIONS OF HIGHER EDUCATION BOND ACT

33-3810.  Bonds and other debt not obligations of state — Payable only from pledged revenue. All bonds issued and other debt incurred pursuant to this act shall be exclusively obligations of the institution issuing such bonds or incurring such other debt payable only in accordance with the terms thereof and shall not be obligations general, special or otherwise of the state of Idaho. Such bonds or other debt incurred shall not constitute a debt, legal or moral or otherwise of the state of Idaho, shall so recite on their face or on the first page of any evidence of indebtedness, and shall not be enforceable against the state, nor shall payment thereof be enforceable out of any funds of the institution issuing said bonds or incurring such other debt other than the income and revenues, if any, pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds or other evidence of indebtedness.

History:

[33-3810, added 1935 (1st E.S.), ch. 55, sec. 10, p. 145; am. 1975, ch. 118, sec. 2, p. 246.]