§ 14 — Payment of bonds from bond proceeds; liability

Massachusetts § 14

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title VII: CITIES, TOWNS AND DISTRICTS
• Ch. 40N: MODEL WATER AND SEWER COMMISSION

Text

Section 14. 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 commonwealth or, excepting any note guaranteed by the municipality pursuant to section nine, of any city or town, but shall be payable solely from the revenues of the commission. All bonds, notes and other evidences of indebtedness, excepting any note guaranteed by the municipality pursuant to section nine, shall contain on the face thereof a statement to the effect that neither the commonwealth 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 commonwealth or of any city or town is pledged to the payment of the principal of or interest on such bonds or notes. Each bond shall also recite whether it is a general obligation of the commission or a special obligation thereof payable solely from particular funds pledged to its payment.