§ 5036 - Credit of state and members of authority not pledged - Vermont Statutes

§ 5036. Credit of state and members of authority not pledged

Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision of it or of any member of the authority, nor shall it be deemed to constitute a pledge of the faith and credit of the state or of any political subdivision or of any member of the authority, but shall be payable solely from the revenues or assets of the authority. Each obligation issued by the authority shall contain on its face a statement to the effect that the authority shall not be obligated to pay the same nor the interest on it except from the revenues or assets pledged for those purposes and that neither the faith and credit nor the taxing power of the state or of any political subdivision of it or of any member of the authority is pledged to the payment of the principal of or the interest on these obligations. (Added 1979, No. 78, § 3.)