§ 45-50-11 — § 45-50-11. Credit of state, political subdivisions, and authority not pledged.

Rhode Island § 45-50-11

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-50: Municipal Public Buildings Authorities

Text

§ 45-50-11. Credit of state, political subdivisions, and authority not pledged.

(a) Revenue bonds issued under the provisions of this chapter are not deemed to constitute a debt or a pledge of the faith and credit of the state or the municipality, but are payable solely from the funds provided therefor from revenues. All revenue bonds shall contain on the face a statement to the effect that neither the state nor the municipality nor the authority is obligated to pay the bonds or their interest except from revenues of the project or projects on account of which the bonds are issued, and that neither the faith and credit nor the taxing power of the state or the municipality is pledged to the payment of the principal of or the interest on the bonds.

(b) All expenses incurred in carrying out the provisions of this chapter are payable solely from funds provided under the provisions of this chapter.

Legislative History

P.L. 1987, ch. 475, § 1.