Section 94146 Of Article 4. Powers And Duties; Notes And Bonds From California Education Code >> Division 10. >> Title 3. >> Part 59. >> Chapter 2. >> Article 4.
94146
. (a) 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 of the state, or a pledge of the faith and
credit of the state or of any political subdivision other than the
authority, but shall be payable solely from the funds herein
provided. All bonds shall contain a statement to the effect that
neither the State of California nor the authority shall be obligated
to pay the bond or the interest on the bond except from revenues of
the project, or the portion of the project, for which the bonds are
issued and that neither the faith and credit nor the taxing power of
the state or of any political subdivision of the state is pledged to
the payment of the principal of, or the interest on, the bonds.
(b) The issuance of bonds under the provisions of this chapter
shall not directly, indirectly, or contingently obligate the state or
any political subdivision of the state to levy or to pledge any form
of taxation whatever therefor or to make an appropriation for
payment of the bonds. This section shall not prevent or be construed
to prevent the authority from pledging its full faith and credit, or
the full faith and credit of a participating private college or
participating nonprofit entity, to the payment of bonds or issue of
bonds authorized pursuant to this chapter.