§ 159D-44. Credit of State not pledged. - North Carolina Statutes

§ 159D‑44.  Creditof State not pledged.

Bonds or notes issued under the provisions of this Article shall not besecured by a pledge of the faith and credit of the State or of any politicalsubdivision of the State, or create an indebtedness of the State, or of anypolitical subdivision of the State requiring any voter approval, but shall bepayable solely from the revenues and other funds provided for payment. Eachbond or note issued under this Article shall contain on its face a statement tothe effect that the agency is not obligated to pay it nor the interest on itexcept from the revenues and other funds pledged for its payment and thatneither the faith and credit nor the taxing power of the State or of anypolitical subdivision of the State is pledged as security for the payment ofthe principal of or the interest on the bond or note.

Expenses incurred by the agency in carrying out the provisions of thisArticle may be made payable from funds provided pursuant to, or made availablefor use under, this Article and no liability shall be incurred by the agencyunder this Article beyond the extent to which moneys have been so provided. (1985 (Reg. Sess., 1986), c. 794, s. 10; 2000‑179,s. 2.)