§ 42-116-17 - Bonds not obligations of the state. - Rhode Island Statutes

SECTION 42-116-17

   § 42-116-17  Bonds not obligations of thestate. – Bonds issued by the corporation under the provisions of this chapter are notdeemed to be a debt, obligation (moral or otherwise), or a pledge of the faithand credit of the state or of any of its political subdivisions, but shall bepayable solely from the revenues, funds, assets, and other property or anyrevenues or loans dedicated to corporate purposes of the corporation from whichthey are made payable pursuant to this chapter. Bonds issued by the corporationunder the provisions of this chapter shall recite that neither the state norany political subdivisions of the state shall be obligated to pay the bonds andthat the faith and credit of the state or of any political subdivision of thestate is not pledged to the payment of the principal of or interest on thebonds. Further, every bond shall recite whether it is a general obligation ofthe corporation or a special obligation of the corporation payable solely fromparticular revenues, funds, assets, or other property pledged to its payment.