§ 45-37.1-12 - State not liable – Exceptions. - Rhode Island Statutes

SECTION 45-37.1-12

   § 45-37.1-12  State not liable –Exceptions. – Except for any obligations secured by mortgages which are insured by the RhodeIsland industrial recreational building authority, the state is not liable forthe payment of the principal of or interest on any bonds or notes of thecorporation, or for the performance of any pledge, mortgage, obligation, oragreement of any kind whatsoever which may be undertaken by the corporation,and none of the bonds or notes of the corporation, nor any of its agreements orobligations, shall be construed to constitute an indebtedness of the statewithin the meaning of any constitutional or statutory provision whatsoever, norshall the issuance of bonds or notes under the provisions of this chapter,directly, or indirectly, or contingently, obligate the state or anymunicipality or political subdivision thereof to levy or to pledge any form oftaxation whatever therefor or to make any appropriation for their payment.Obligations issued under the provisions of this chapter, which are secured bymortgages insured by the Rhode Island industrial recreational buildingauthority, in addition to being payable from the revenues pledged for thoseobligations, are secured by a pledge of the faith and credit of the stateconsistent with the terms and limitations of chapter 34 of title 42.