Rhode Island General Laws 45-48.1-15. Credit of state and municipality not pledged
Bonds, notes and other evidences of indebtedness issued or entered into under the provisions of this chapter shall not be deemed to be a debt or a pledge of the faith and credit of the state or of any city or town, but shall be payable solely from the revenues of the district. All bonds, notes and other evidences of indebtedness, shall contain on the face thereof a statement to the effect that neither the state nor any city or town shall be obligated to pay the same and that neither the faith and credit nor the taxing power of the state or of any city or town is pledged to the payment of the principal of or interest on such bonds or notes. Each bond or note shall also recite whether it is a general obligation of the district or a special obligation thereof payable solely from particular funds pledged to its payment.
History of Section.
P.L. 2003, ch. 270, § 1; P.L. 2003, ch. 364, § 1.
Terms Used In Rhode Island General Laws 45-48.1-15
- 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.
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9