§ 195.9. Revenue bonds; obligation to make payment.

Revenue bonds issued under the provisions of this Act [division] shall be deemed to constitute neither a debt of the State of Georgia or DeKalb County nor a pledge of the faith and credit thereof; but such bonds shall be payable solely from the rentals, revenues, earnings, and funds of the authority as provided in the resolution or trust agreement or indenture authorizing the issuance and securing the payment of such bonds; and the issuance of such revenue bonds shall not directly, indirectly, or contingently obligate the state or any political subdivision thereof, including specifically said county, to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment, and all such bonds shall contain recitals on their face covering substantially the foregoing provisions of this section. However, DeKalb County and any other political subdivision contracting with the authority may obligate themselves to pay the amounts required under any contract entered into with the authority from funds received from taxes to be levied and collected for that purpose to the extent necessary to pay the obligations contractually incurred under this section, and from any other source; and the obligation to make such payments shall constitute a general obligation and a pledge of the full faith and credit of the obligator but shall not constitute a debt of the obligor within the meaning of the Constitution of the State of Georgia, Article IX, Section V, Paragraph I; and, when such obligation is made to make such payments from taxes to be levied for that purposes, then the obligation shall be mandatory to levy and collect such taxes from year to year in an amount sufficient to fulfill and fully comply with the terms of such obligation.

(Acts 1996, p. 4216, § 9)