Rhode Island General Laws 42-99-13. Credit of state or municipality 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 the state, including the municipality, or a pledge of the faith and credit of the state or of any political subdivision, including the municipality, but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on the face of the obligation a statement to the effect that the corporation shall not be obligated to pay the obligation nor the interest on the obligation except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the obligation, including the municipality, is pledged to the payment of the principal of or the interest on the obligation.
History of Section.
P.L. 1987, ch. 455, § 13.
Terms Used In Rhode Island General Laws 42-99-13
- 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.
- 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.