§ 42-99-13 — § 42-99-13. Credit of state or municipality not pledged.

Rhode Island § 42-99-13

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-99: Convention Center Authority Act

Text

§ 42-99-13. Credit of state or municipality not pledged.

Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision of the state, including the municipality, or a pledge of the faith and credit of the state or of any political subdivision, including the municipality, but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on the face of the obligation a statement to the effect that the corporation shall not be obligated to pay the obligation nor the interest on the obligation except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the obligation, including the municipality, is pledged to the payment of the principal of or the interest on the obligation.

Legislative History

P.L. 1987, ch. 455, § 13.