§ 45-27-2 — § 45-27-2. Liability on bonds — Statutory limitations inapplicable.

Rhode Island § 45-27-2

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-27: Housing Authority Bonds and Obligations

Text

§ 45-27-2. Liability on bonds — Statutory limitations inapplicable.

Neither the commissioners of the authority nor any person executing the bonds is personally liable on the bonds by reason of their issuance. The bonds and other obligations of the authority (and the bonds and obligations shall so state on their face) are not a debt of the city, the county, the state, or any political subdivision thereof, and neither the city or the county, nor the state or any political subdivision thereof, are liable thereon, nor in any event are the bonds or obligations payable out of any funds or properties other than those of the authority. The bonds do not constitute an indebtedness within the meaning of any constitutional, statutory, or charter debt limitation or restriction. Bonds may be issued under this chapter notwithstanding any debt or other limitation prescribed by any statute.

Legislative History

P.L. 1935, ch. 2255, § 13; G.L. 1938, ch. 344, § 13; P.L. 1939, ch. 726, § 2; G.L. 1956, § 45-27-2.