§ 42-133-15. Credit of the state.
Bonds issued under the provisions of this chapter shall not constitute a debt, liability,
or obligation of the state or of any political subdivision thereof other than the
corporation, or a pledge of the faith and credit of the state or any political subdivision,
but shall be payable solely from the assets of the corporation. Bonds shall state
on their face that the bonds are payable both as to principal and interest solely
out of the assets of the corporation pledged for such purpose, and neither the faith
and credit nor the taxing power of the state or any political subdivision thereof
is pledged to th
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§ 42-133-15. Credit of the state.
Bonds issued under the provisions of this chapter shall not constitute a debt, liability,
or obligation of the state or of any political subdivision thereof other than the
corporation, or a pledge of the faith and credit of the state or any political subdivision,
but shall be payable solely from the assets of the corporation. Bonds shall state
on their face that the bonds are payable both as to principal and interest solely
out of the assets of the corporation pledged for such purpose, and neither the faith
and credit nor the taxing power of the state or any political subdivision thereof
is pledged to the payment of the principal of or the interest on the bonds; do not
constitute an indebtedness of the state or any political subdivision of the state;
are secured solely by and payable solely from the tobacco receipts sold to the corporation
and other moneys of the corporation; and do not constitute a general, legal, or moral
obligation of the state or any political subdivisions thereof, and that the state
has no obligation or intention to satisfy any deficiency or default of any payment
of the bonds.