§ 42-64-23 — § 42-64-23. Credit of state.

§ 42-64-23. Credit of state.

(a) Obligations issued under the provisions of this chapter, except those obligations secured by mortgages that are insured by the industrial building authority, shall not constitute a debt, liability, or obligation of the state or of any political subdivision of the state other than the Rhode Island commerce corporation or a pledge of the faith and credit of the state or any political subdivision other than the corporation but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter, except those obligations secured by mortgages that are insured by the industrial building authority, shall contain on its face a statement to the effect that the corporation shall not be obligated to pay the obligation or interest on the obligation except from revenues or assets pledged therefor and that neither the faith and credit nor the taking power of the state or any political subdivision of the state other than the corporation is pledged to the payment of the principal of or the interest on the obligation.

(b) Obligations issued under the provisions of this chapter that are secured by mortgages insured by the industrial building authority, in addition to being payable from the revenues or assets of the corporation, shall be secured by a pledge of the faith and credit of the state consistent with the terms and limitations of chapter 34 of this title.

Legislative History

P.L. 1974, ch. 100, § 14; P.L. 1975, ch. 129, § 2; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.