Rhode Island General Laws 42-116-17. Bonds not obligations of the state
Bonds issued by the corporation under the provisions of this chapter are not deemed to be a debt, obligation (moral or otherwise), or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, assets, and other property or any revenues or loans dedicated to corporate purposes of the corporation from which they are made payable pursuant to this chapter. Bonds issued by the corporation under the provisions of this chapter shall recite that neither the state nor any political subdivisions of the state shall be obligated to pay the bonds and that the faith and credit of the state or of any political subdivision of the state is not pledged to the payment of the principal of or interest on the bonds. Further, every bond shall recite whether it is a general obligation of the corporation or a special obligation of the corporation payable solely from particular revenues, funds, assets, or other property pledged to its payment.
History of Section.
P.L. 1991, ch. 3, § 4.
Terms Used In Rhode Island General Laws 42-116-17
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bonds: means the bonds, notes, or other evidences of indebtedness of the corporation. See Rhode Island General Laws 42-116-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Revenues: means when used with reference to the corporation, any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including without limitation loan repayments, grants, aid, appropriations and other assistance from the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation. See Rhode Island General Laws 42-116-3