Financing of obligations by operator; no state or local debt or pledge

Sec. 4. (a) The operator may finance its obligations with respect to the project and the public-private agreement in the amounts and upon the terms and conditions determined by the operator. (b) The operator may: (1) issue debt, equity, or other securities or obligations; (2) enter into sale and leaseback transactions; and (3) secure any financing with a pledge of, security interest in, or lien on any user fees charged and collected for the use of a toll road project or a facility project and any property interest of the operator in a toll road project or a facility project. However, any bonds, debt, other securities, or other financing issued for the purposes of this article shall not be considered to constitute a debt of the state or any political subdivision of the state or a pledge of the faith and credit of the state or any political subdivision. (c) The operator may deposit any user fees charged and collected for the use of a toll road project or a facility project in a separate account held by a trustee or escrow agent for the benefit of the secured parties of the operator. As added by P.L.47-2006, SEC.39. Amended by P.L.205-2013, SEC.152; P.L.213-2015, SEC.112.