KRS 162.380: Bonds are obligations of governing body -- Resolution constitutes contract.

The bonds issued under authority of KRS 162.350 shall be obligations only of the

governing body of the institution, payable as to both principal and interest from the

revenues as pledged for that purpose. In no event shall they be considered a debt for

which the credit of the state is pledged. Any resolution adopted under the provisions of

KRS 162.350 or 162.360 shall constitute a contract between the governing body of the

institution and the holder of any bond or coupon and shall be binding in all respect s upon

the governing body of the institution and its successors.