§ 23-19-21 - Credit of state not pledged. - Rhode Island Statutes

SECTION 23-19-21

   § 23-19-21  Credit of state not pledged.– Obligations issued under the provisions of this chapter shall not be deemed toconstitute a debt or liability or obligation of the state or of any politicalsubdivision of the state or a pledge of the faith and credit of the state or ofany political subdivision, but shall be payable solely from the revenues orassets of the corporation. Each obligation issued under this chapter shallcontain on its face a statement to the effect that the corporation shall not beobligated to pay the principal of the obligation nor the interest on it exceptfrom the revenues or assets pledged to the payment of the principal of or theinterest on the obligation, and that neither the faith and credit nor thetaxing power of the state or of any political subdivision is pledged to thepayment of the principal of or the interest on the obligation.