Rhode Island General Laws 35-12-14. Credit of the state
Obligations issued under the provisions of this chapter shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof other than the corporation, or a pledge of the faith and credit of the state or any political subdivision other than the corporation, but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the corporation shall not be obligated to pay the obligation or interest thereon except from revenues or assets pledged therefor, and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof other than the corporation is pledged to the payment of the principal of or the interest on the obligation.
History of Section.
P.L. 1982, ch. 324, § 1.
Terms Used In Rhode Island General Laws 35-12-14
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 governmental agency and public instrumentality authorized, created, and established pursuant to § 35-12-4. See Rhode Island General Laws 35-12-3
- 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.
- State: means the state of Rhode Island. See Rhode Island General Laws 35-12-3