(a)  Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the state, or of any political subdivision thereof, or a pledge of the faith and credit of the state, or of any political subdivision. All bonds shall contain, on the face thereof, a statement to the effect that neither the state nor any political subdivision thereof shall be obligated to pay the bonds, or the interest thereon, and that neither the faith and credit nor the taxing power of the state, or of any political subdivision thereof, is pledged to the payment of the principal of or the interest on the bonds.

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Terms Used In Rhode Island General Laws 39-18-5

  • Authority: means the Rhode Island public transit authority created by § 39-18-2, or, if the authority shall be abolished, the board, body, or commission succeeding to the principal functions thereof, or upon whom the powers of the authority given by this chapter shall be given by law. See Rhode Island General Laws 39-18-1
  • Bonds: means bonds, notes, or other evidences of indebtedness, including temporary notes of the authority issued in anticipation of revenues to be received by the authority or in anticipation of the receipt of federal, state, or local grants or other aid. See Rhode Island General Laws 39-18-1
  • 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.

(b)  All expenses incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under the provisions of this chapter, and no liability or obligation shall be incurred by the authority hereunder beyond the extent to which moneys shall have been provided under the provisions of this chapter.

History of Section.
P.L. 1964, ch. 210, § 1; P.L. 1983, ch. 157, § 1.