§ 45-48.1-15 - Credit of state and municipality not pledged. - Rhode Island Statutes

SECTION 45-48.1-15

   § 45-48.1-15  Credit of state andmunicipality not pledged. – Bonds, notes and other evidences of indebtedness issued or entered into underthe provisions of this chapter shall not be deemed to be a debt or a pledge ofthe faith and credit of the state or of any city or town, but shall be payablesolely from the revenues of the district. All bonds, notes and other evidencesof indebtedness, shall contain on the face thereof a statement to the effectthat neither the state nor any city or town shall be obligated to pay the sameand that neither the faith and credit nor the taxing power of the state or ofany city or town is pledged to the payment of the principal of or interest onsuch bonds or notes. Each bond or note shall also recite whether it is ageneral obligation of the district or a special obligation thereof payablesolely from particular funds pledged to its payment.