§ 42-99-13 - Credit of state or municipality not pledged. - Rhode Island Statutes

SECTION 42-99-13

   § 42-99-13  Credit of state or municipalitynot 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, including the municipality, or a pledge of the faithand credit of the state or of any political subdivision, including themunicipality, but shall be payable solely from the revenues or assets of thecorporation. Each obligation issued under this chapter shall contain on theface of the obligation a statement to the effect that the corporation shall notbe obligated to pay the obligation nor the interest on the obligation exceptfrom the revenues or assets pledged therefor and that neither the faith andcredit nor the taxing power of the state or of any political subdivision of theobligation, including the municipality, is pledged to the payment of theprincipal of or the interest on the obligation.