§ 46-12.2-18 - Bonds not obligations of the state. - Rhode Island Statutes

SECTION 46-12.2-18

   § 46-12.2-18  Bonds not obligations of thestate. – Bonds issued by the agency under the provisions of this chapter shall not bedeemed to be a debt or a pledge of the faith and credit of the state or of anyof its political subdivisions, but shall be payable solely from the revenues,funds, assets, and other property of the agency from which they are madepayable pursuant to this chapter. Bonds issued by the agency under theprovisions of this chapter shall recite that neither the state nor anypolitical subdivisions thereof shall be obligated to pay the bonds, and thatneither the faith and credit nor the taxing power of the state or of anypolitical subdivision thereof is pledged to the payment of the principal of orinterest on the bonds. Further, every bond shall recite whether it is a generalobligation of the agency, or a special obligation thereof payable solely fromparticular revenues, funds, assets, or other property pledged to its payment.