Rhode Island § 45-54-17 § 45-54-17. Credit of state and political subdivisions not pledged.

Rhode Island Statutes

§ 45-54-17 — § 45-54-17. Credit of state and political subdivisions not pledged.

Rhode Island·Title 45 Towns and cities·Ch. 45-54 Municipal Detention Facility Corporations

§ 45-54-17. Credit of state and political subdivisions 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 from revenues. All revenue bonds shall contain
            on the face a statement to the effect that neither the state nor the municipality
            nor the corporation is obligated to pay the bonds or their interest except from the
            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 t

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§ 45-54-17. Credit of state and political subdivisions 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 from revenues. All revenue bonds shall contain on the face a statement to the effect that neither the state nor the municipality nor the corporation is obligated to pay the bonds or their interest except from the 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 the funds provided under the provisions of this chapter.

Rhode Island § 45-54-17 (§ 45-54-17. Credit of state and political subdivisions not pledged.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.