§ 122A-6.1. Credit of State not pledged to satisfy liabilities under energy conservation loan guarantees. - North Carolina Statutes

§122A‑6.1.  Credit of State not pledged to satisfy liabilities underenergy conservation loan guarantees.

Energy conservation loanguarantees issued under the provisions of this Chapter shall not be deemed toconstitute a debt, liability, obligation of the State or of any politicalsubdivision thereof, or a pledge of the faith and credit of the State or of anypolitical subdivision thereof, but shall be payable solely from any unspentspecific appropriations by the General Assembly for the energy conservationloan guarantee program and any donations and grants for this specific purpose.Each guarantee issued by the Agency shall contain on its face a statement tothe effect that the Agency shall not be obligated to pay the same nor theinterest thereon except from the unspent specific appropriations by the GeneralAssembly for the energy conservation loan guarantee program and any specificdonations and grants for this purpose, and that neither the faith and creditnor the taxing power of the State or of any political subdivision thereof ispledged to the payment of the principal of or the interest on such  guarantees.

Provided any recoveries fromthe borrower or others which ultimately reduce the amounts paid out by theAgency in satisfaction of its liabilities under the energy conservation loanguarantee program shall be deemed unspent appropriations, donations or grants. (1977,c. 1083, s. 5.)