§ 46-12.2-18 — § 46-12.2-18. Bonds not obligations of the state.

Rhode Island § 46-12.2-18

• Jurisdiction: Rhode Island
• Title 46: Waters and Navigation
• Ch. 46-12.2: Rhode Island Infrastructure Bank

Text

§ 46-12.2-18. Bonds not obligations of the state.

Bonds issued by the agency under the provisions of this chapter or chapter 18 of title 24 shall not be deemed to be a debt or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, assets, and other property of the agency from which they are made payable pursuant to this chapter or chapter 18 of title 24. Bonds issued by the agency under the provisions of this chapter and chapter 18 of title 24 shall recite that neither the state nor any political subdivisions thereof shall be obligated to pay the bonds, and that neither the faith and credit nor the taxing power of the state or of any political subdivision thereof is pledged to the payment of the principal of or interest on the bonds. Further, every bond shall recite whether it is a general obligation of the agency, or a special obligation thereof payable solely from particular revenues, funds, assets, or other property pledged to its payment.

Legislative History

P.L. 1989, ch. 303, § 2; P.L. 2013, ch. 144, art. 20, § 2.