Vermont Statutes Title 30 Sec. 5036
Terms Used In Vermont Statutes Title 30 Sec. 5036
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 5036. Credit of State and members of Authority 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 it or of any member of the Authority, nor shall it be deemed to constitute a pledge of the faith and credit of the State or of any political subdivision or of any member of the Authority, but shall be payable solely from the revenues or assets of the Authority. Each obligation issued by the Authority shall contain on its face a statement to the effect that the Authority shall not be obligated to pay the same nor the interest on it except from the revenues or assets pledged for those purposes and that neither the faith and credit nor the taxing power of the State or of any political subdivision of it or of any member of the Authority is pledged to the payment of the principal of or the interest on these obligations. (Added 1979, No. 78, § 3.)