§ 160A-480.11. Faith and credit of State and units of local government not pledged. - North Carolina Statutes

§ 160A‑480.11. Faith and credit of State and units of local government not pledged.

Bonds or notes issued under this Part shall not constitute a debtsecured by a pledge of the faith and credit of the State or a politicalsubdivision of the State and shall be payable solely from the revenues,property, and other funds pledged for their payment. The bonds or notes issuedby an Authority shall contain a statement that the Authority is obligated topay the bond or note or the interest on the bond or note only from therevenues, property, or other funds pledged for their payment and that neitherthe faith and credit nor the taxing power of the State or any politicalsubdivision of the State is pledged as security for the payment of theprincipal of or the interest or premium on the bonds or notes. (1995, c. 458, s. 1.)