§ 5. Credit not pledged and debt not created by bonds.

Credit not pledged and debt not created by bonds. Revenue bonds issued under the provisions of this Act shall not constitute a debt or a pledge of the faith and credit of the State of Georgia, Rabun County, or the Rabun County School District; but such bonds shall be payable from the rentals, revenue, 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 bonds shall not directly, indirectly, or contingently obligate the state, county, or such school district to levy or pledge any form of taxation whatever for the payment thereof. No holder of any bond or receiver or trustee in connection with therewith shall have the right to enforce the payment thereof against any property of the state or of such county or school district nor shall any such bond constitute a charge, lien, or encumberance, legal or equitable, upon any such property. All such bonds shall contain on their face a recital setting forth substantially the foregoing provisions of this section. However, such county or school district may obligate itself 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 obligor but shall not constitute a debt of the obligor under 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 purpose, 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.

(2010 Ga. Laws (Act #566), § 4)