Rhode Island § 46-25-56 § 46-25-56. Credit of state not pledged.

Rhode Island Statutes

§ 46-25-56 — § 46-25-56. Credit of state not pledged.

Rhode Island·Title 46 Waters and Navigation·Ch. 46-25 Narragansett Bay Commission

§ 46-25-56. Credit of state not pledged.
Notes issued under the provisions of this chapter shall not constitute a debt, liability,
            or obligation of the state or of any political subdivision thereof other than the
            commission, or a pledge of the faith and credit of the state or any political subdivision
            other than the commission, but shall be payable solely from the revenues or assets
            of the commission legally available for that purpose. Each note issued under this
            chapter shall contain on the face thereof a statement to the effect that the state
            shall not be obligated to pay the note or interest thereon, and that neither the faith
            and cre

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§ 46-25-56. Credit of state not pledged.

Notes issued under the provisions of this chapter shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof other than the commission, or a pledge of the faith and credit of the state or any political subdivision other than the commission, but shall be payable solely from the revenues or assets of the commission legally available for that purpose. Each note issued under this chapter shall contain on the face thereof a statement to the effect that the state shall not be obligated to pay the note or interest thereon, and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof other than the commission is pledged to the payment of the principal or of the interest on the obligation.

Rhode Island § 46-25-56 (§ 46-25-56. Credit of state not pledged.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.