§ 45-48.1-15 — § 45-48.1-15. Credit of state and municipality not pledged.

Rhode Island § 45-48.1-15

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-48.1: West Greenwich Water District

Text

§ 45-48.1-15. Credit of state and municipality not pledged.

Bonds, notes and other evidences of indebtedness issued or entered into under the provisions of this chapter shall not be deemed to be a debt or a pledge of the faith and credit of the state or of any city or town, but shall be payable solely from the revenues of the district. All bonds, notes and other evidences of indebtedness, shall contain on the face thereof a statement to the effect that neither the state nor any city or town shall be obligated to pay the same and that neither the faith and credit nor the taxing power of the state or of any city or town is pledged to the payment of the principal of or interest on such bonds or notes. Each bond or note shall also recite whether it is a general obligation of the district or a special obligation thereof payable solely from particular funds pledged to its payment.

Legislative History

P.L. 2003, ch. 270, § 1; P.L. 2003, ch. 364, § 1.