§ 35-8.1-17 - Bonds neither debt of or pledge of credit by state or subdivisions. - Rhode Island Statutes

SECTION 35-8.1-17

   § 35-8.1-17  Bonds neither debt of orpledge of credit by state or subdivisions. – (a) Bonds issued under this chapter shall not be deemed to constitute a debt ofthe state or any other political subdivision thereof or a pledge of the faithand credit of the state or any other political subdivision thereof, but shallbe payable solely from the funds provided therefrom from revenues. Each bondmust contain on its face a statement to the effect that the authority isobligated to pay the principal thereof and the interest thereon only fromrevenues or funds of the authority and that neither the faith and credit northe taxing power of the state is pledged to the payment of the principal or theinterest on the bonds.

   (b) Except as may be otherwise expressly provided in thischapter or by the authority, every issue of bonds of the authority shall begeneral obligations of the authority payable out of any revenues or funds ofthe authority. Bonds may additionally be secured by a pledge of any grants,subsidies, contributions, funds, or moneys from the United States or the stateor any governmental unit or any person, firm, or corporation, or a pledge ofany income or revenues, funds, or money of the authority from any sourcewhatsoever.