§ 42-133-15 — § 42-133-15. Credit of the state.

Rhode Island § 42-133-15

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-133: Tobacco Settlement Financing Corporation Act

Text

§ 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.

Legislative History

P.L. 2002, ch. 65, art. 8, § 1.