§ 45-54-17 - Credit of state and political subdivisions not pledged. - Rhode Island Statutes

SECTION 45-54-17

   § 45-54-17  Credit of state and politicalsubdivisions not pledged. – (a) Revenue bonds issued under the provisions of this chapter are not deemed toconstitute a debt or a pledge of the faith and credit of the state or themunicipality, but are payable solely from the funds provided from revenues. Allrevenue bonds shall contain on the face a statement to the effect that neitherthe state nor the municipality nor the corporation is obligated to pay thebonds or their interest except from the revenues of the project or projects onaccount of which the bonds are issued, and that neither the faith and creditnor the taxing power of the state or the municipality is pledged to the paymentof the principal of or the interest on the bonds.

   (b) All expenses incurred in carrying out the provisions ofthis chapter are payable solely from the funds provided under the provisions ofthis chapter.