§ 45-37.1-12 — § 45-37.1-12. State not liable — Exceptions.

Rhode Island § 45-37.1-12

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-37.1: Industrial Facilities Corporation

Text

§ 45-37.1-12. State not liable — Exceptions.

Except for any obligations secured by mortgages which are insured by the Rhode Island industrial recreational building authority, the state is not liable for the payment of the principal of or interest on any bonds or notes of the corporation, or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by the corporation, and none of the bonds or notes of the corporation, nor any of its agreements or obligations, shall be construed to constitute an indebtedness of the state within the meaning of any constitutional or statutory provision whatsoever, nor shall the issuance of bonds or notes under the provisions of this chapter, directly, or indirectly, or contingently, obligate the state or any municipality or political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. Obligations issued under the provisions of this chapter, which are secured by mortgages insured by the Rhode Island industrial recreational building authority, in addition to being payable from the revenues pledged for those obligations, are secured by a pledge of the faith and credit of the state consistent with the terms and limitations of chapter 34 of title 42.

Legislative History

P.L. 1967, ch. 11, § 1; P.L. 1980, ch. 229, § 8; P.L. 1981, ch. 419, § 4; P.L. 1988, ch. 84, § 39.