§ 45-27-2 - Liability on bonds – Statutory limitations inapplicable. - Rhode Island Statutes

SECTION 45-27-2

   § 45-27-2  Liability on bonds –Statutory limitations inapplicable. – Neither the commissioners of the authority nor any person executing the bondsis personally liable on the bonds by reason of their issuance. The bonds andother obligations of the authority (and the bonds and obligations shall sostate on their face) are not a debt of the city, the county, the state, or anypolitical subdivision thereof, and neither the city or the county, nor thestate or any political subdivision thereof, are liable thereon, nor in anyevent are the bonds or obligations payable out of any funds or properties otherthan those of the authority. The bonds do not constitute an indebtedness withinthe meaning of any constitutional, statutory, or charter debt limitation orrestriction. Bonds may be issued under this chapter notwithstanding any debt orother limitation prescribed by any statute.