§ 24-12-7 - Revenue bonds not a debt of the state. - Rhode Island Statutes

SECTION 24-12-7

   § 24-12-7  Revenue bonds not a debt of thestate. – Revenue bonds issued under the provisions of this chapter shall not be deemedto constitute a debt of the state or of any political subdivision thereof or apledge of the faith and credit of the state or of any political subdivision,but shall be payable solely from the funds provided therefor under theprovisions of this chapter. All revenue bonds shall contain on the face thereofa statement to the effect that neither the state nor the authority shall beobligated to pay the same or the interest thereon except from the fundsprovided therefor under the provisions of this chapter, and that neither thefaith and credit nor the taxing power of the state or of any politicalsubdivision thereof is pledged to the payment of the principal of or theinterest on the bonds; provided, however, that any bonds issued under theprovisions of § 24-12-40B of this chapter shall contain on the facethereof the statement required by § 24-12-40B.