§ 16-62-15 - Credit of state. - Rhode Island Statutes

SECTION 16-62-15

   § 16-62-15  Credit of state. – Obligations issued under the provisions of this chapter shall not constitute adebt, liability, or obligation of the state or of any political subdivision ofthe state other than the authority or a pledge of the faith and credit of thestate or any political subdivision other than the authority, but shall bepayable solely from the revenues or assets of the authority. Each obligationissued under this chapter shall contain on its face a statement to the effectthat the authority shall not be obligated to pay the obligation or its interestexcept from revenues or assets pledged for it and that neither the faith andcredit nor the taxing power of the state or any political subdivision of thestate other than the authority is pledged to the payment of the principal of orthe interest on the obligation.