§ 42-133-15 - Credit of the state. - Rhode Island Statutes

SECTION 42-133-15

   § 42-133-15  Credit of the state. –Bonds issued under the provisions of this chapter shall not constitute a debt,liability, or obligation of the state or of any political subdivision thereofother than the corporation, or a pledge of the faith and credit of the state orany political subdivision, but shall be payable solely from the assets of thecorporation. Bonds shall state on their face that the bonds are payable both asto principal and interest solely out of the assets of the corporation pledgedfor such purpose, and neither the faith and credit nor the taxing power of thestate or any political subdivision thereof is pledged to the payment of theprincipal of or the interest on the bonds; do not constitute an indebtedness ofthe state or any political subdivision of the state; are secured solely by andpayable solely from the tobacco receipts sold to the corporation and othermoneys of the corporation; and do not constitute a general, legal, or moralobligation of the state or any political subdivisions thereof, and that thestate has no obligation or intention to satisfy any deficiency or default ofany payment of the bonds.