§ 116-209.12. Credit of State not pledged. - North Carolina Statutes

§ 116‑209.12. Credit of State not pledged.

Bonds issued under the provisions of this Article shall not be deemedto constitute a debt, liability or obligation of the State or of any politicalsubdivision thereof or a pledge of the faith and credit of the State or of anysuch political subdivision, but shall be payable solely from the revenues andother funds provided therefor. Each bond issued under this Article shallcontain on the face thereof a statement to the effect that the Authority shallnot be obligated to pay the same nor the interest thereon except from therevenues, proceeds and other funds pledged therefor and that neither the faithand credit nor the taxing power of the State or of any political subdivisionthereof is pledged to the payment of the principal of or the interest on suchbonds. Expenses incurred by the Authority in carrying out the provisions ofthis Article may be made payable from funds provided pursuant to this Articleand no liability or obligation shall be incurred by the Authority hereunderbeyond the extent to which moneys shall have been so provided. (1967, c. 1177.)