(105 ILCS 5/1E-115)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-115.
State or district not liable on obligations.
Obligations shall not be
deemed to constitute (i) a debt or liability of the State, the
district, or any political subdivision of the State or district other than the
Authority or (ii) a pledge of the full faith and credit of the State, the
district, or any political
subdivision of the State or district other than the Authority but shall be
payable
solely from the funds and revenues provided for in this Article. The issuance
of obligations shall not directly,
indirectly, or contingently obligate the State, the district, or any political
subdivision of the State or district other than the Authority to levy any form
of
taxation therefor or to make any appropriation for their payment. Nothing in
this Section shall prevent or be construed to prevent the Authority from
pledging its full faith and credit to the payment of obligations.
Nothing in this Article shall be construed to
authorize the Authority to create a debt of the State or the district within
the
meaning of the Constitution or laws of Illinois, and
all obligations issued by the Authority pursuant to the provisions of
this Article are payable and shall state that they are payable solely
from the funds and revenues pledged for their payment in accordance with
the resolution authorizing their issuance or any trust indenture
executed as security therefor. The State or
the district shall not in any event be liable for the payment of
the principal of or interest on any obligations of the Authority or for
the performance of any pledge, obligation, or agreement of any
kind whatsoever that may be undertaken by the Authority. No breach of
any such pledge, obligation, or agreement may impose any
liability upon the State or the district or any charge upon their
general credit or against their taxing power.
(Source: P.A. 92-547, eff. 6-13-02.)
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