(a) Any bonds or other securities issued under this act are not securities, debts or obligations of the state and are not enforceable against the state.
(b) The board may not obligate the state except as provided by W.S. 21-17-409, pledge, assign or encumber in any way or permit the pledging, assigning or encumbering of any revenue paid to the university except as designated in W.S. 21-17-404(a)(xiv)(A)(I) through (VI).