§ 159I-14. Credit of State not pledged. - North Carolina Statutes

§ 159I‑14.  Creditof State not pledged.

Bonds or notes issued by the Agency under the provisions of thisChapter shall not be secured by a pledge of the faith and credit of the Stateor of any political subdivision thereof or be deemed to create an indebtednessof the State, or of any such political subdivision thereof, requiring any voterapproval, but shall be payable solely from Agency revenues and other fundsprovided therefor.  Each bond or note issued by the Agency under this Chaptershall contain on its face a statement to the effect that the Agency shall notbe obligated to pay the same, the interest, or the premium thereon except fromAgency revenues and other funds pledged therefor and that neither the faith andcredit nor the taxing power of the State or of any political subdivisionthereof is pledged as security for the payment of the principal of or theinterest or premium on such Agency bond or note.

Expenses incurred by the Agency in carrying out the provisions of thisChapter shall be payable from revenues and other funds provided pursuant to, oravailable for use under, this Chapter.  No liability may be incurred by theAgency beyond the extent to which moneys shall have been so provided. (1989, c. 756, s. 1.)