Revenue bonds; applicability of revenue bond act; revenue bonds payable solely from revenues or income.

Sec. 14. (1) An authority may provide by resolution for the issuance of revenue bonds of the authority for the purpose of providing funds for paying the cost of facilities, or for paying the cost of an extension, enlargement, or improvement of a facility or facilities. The bonds issued under this section must mature at a time or times, not exceeding 40 years after their date of issuance, as the authority may provide. An authority may also provide by resolution for the issuance of revenue refunding bonds of the authority for the purpose of providing funds to pay the cost of refunding any prior indebtedness of the authority. (2) Revenue bonds issued under this section are subject to the revenue bond act of 1933, 1933 PA 94, MCL 141.101 to 141.140. (3) Revenue bonds issued under this section do not constitute a debt of this state, a political subdivision of this state, the authority, or a constituent unit, or a pledge of the faith and credit of this state, a political subdivision of this state, the authority, or a constituent unit, but are payable solely from the revenues or income to be derived from the projects. The revenue bonds must contain on their face a statement to the effect that the bonds and attached coupons are payable solely from revenues and are not a general obligation of this state, a political subdivision of this state, the authority, or a constituent unit, and neither the faith and credit nor the taxing power of this state, a political subdivision of this state, the authority, or a constituent unit, is pledged to the payment of the principal of or the interest on the bonds.