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New Jersey Statutes, Title: 18A, EDUCATION

    Chapter 72a: Preamble, purpose of chapter

      Section: 18A:72a-10: Bonds not liability of state or political subdivision

           Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision, but shall be payable solely from the funds herein provided. All such bonds shall contain on the face thereof a statement to the effect that neither the state of New Jersey nor the authority shall be obligated to pay the same or the interest thereon except from revenues or other moneys of the authority and that neither the faith and credit nor the taxing power of the state of New Jersey or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds. The issuance of bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor.

L.1967, c.271.



This section added to the Rutgers Database: 2012-09-26 13:37:48.






Older versions of 18a:72a-10 (if available):



Court decisions that cite this statute: CLICK HERE.