§ 46-25-56 - Credit of state not pledged. - Rhode Island Statutes

SECTION 46-25-56

   § 46-25-56  Credit of state not pledged.– Notes issued under the provisions of this chapter shall not constitute a debt,liability, or obligation of the state or of any political subdivision thereofother than the commission, or a pledge of the faith and credit of the state orany political subdivision other than the commission, but shall be payablesolely from the revenues or assets of the commission legally available for thatpurpose. Each note issued under this chapter shall contain on the face thereofa statement to the effect that the state shall not be obligated to pay the noteor interest thereon, and that neither the faith and credit nor the taxing powerof the state or any political subdivision thereof other than the commission ispledged to the payment of the principal or of the interest on the obligation.