§ 122A-6. Credit of State not pledged. - North Carolina Statutes

§122A‑6.  Credit of State not pledged.

Obligations issued under theprovisions of this Chapter shall not be deemed to constitute a debt, liabilityor obligation of the State or of any political subdivision thereof or a pledgeof the faith and credit of the State or of any such political subdivision, butshall be payable solely from the revenues or assets of the Agency. Eachobligation issued under this Chapter shall contain on the face thereof astatement to the effect that the Agency shall not be obligated to pay the samenor the interest thereon except from the revenues or assets pledged thereforand that neither the faith and credit nor the taxing power of the State or ofany political subdivision thereof is pledged to the payment of the principal ofor the interest on such obligation.

Expenses incurred by theAgency in carrying out the provisions of this Chapter may be made payable fromfunds provided pursuant to this Chapter and no liability shall be incurred bythe Agency hereunder beyond the extent to which moneys shall have been soprovided. Provided the provisions of this section do not apply to the liabilityof the Agency with respect to energy conservation loan guarantees. (1969,c. 1235, s. 6; 1973, c. 1296, s. 46; 1977, c. 1083, s. 4.)