Section 380.503b - Agreement between public school academy and third party; obligation of state or authorizing party; debt(1) An agreement, mortgage, loan, or other instrument of indebtedness entered into by a public school academy and a third party does not constitute an obligation, either general, special, or moral, of this state or an authorizing body. The full faith and credit or the taxing power of this state or any agency of this state, or the full faith and credit of an authorizing body, may not be pledged for the payment of any public school academy bond, note, agreement, mortgage, loan, or other instrument of indebtedness.(2) This part does not impose any liability on this state or on an authorizing body for any debt incurred by a public school academy.Added by 2003, Act 179, s 3, eff. 10/3/2003.