§ 39-18-5 — § 39-18-5. Credit of state and political subdivisions not pledged.

Rhode Island § 39-18-5

• Jurisdiction: Rhode Island
• Title 39: Public Utilities and Carriers
• Ch. 39-18: Rhode Island Public Transit Authority

Text

§ 39-18-5. Credit of state and political subdivisions not pledged.

(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.

(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.

Legislative History

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