§ 58-7-107 — Incurrence of debt

(a) Prior to the adoption of any resolution or other action of the veterans' homes board authorizing the incurrence of debt or the borrowing of funds or entering into any contract or other arrangement for the planning or preparation for the incurrence of debt or the borrowing of funds, the veterans' homes board shall review such plans with the office of the comptroller of the treasury or the comptroller's designee. (b) The state funding board is authorized to contract or to make other arrangements as it may deem necessary to provide for the issuance of such debt of the veterans' homes board, or in the state funding board's discretion, the veterans' homes board may enter into such contracts or other arrangements; provided, however, that any contract or arrangement entered into for the purpose of the issuance or incurrence of debt shall be subject to the approval of the state funding board. (c) Any resolution or other action of the veterans' homes board authorizing the issuance or incurrence of debt shall be submitted to the state funding board, and such resolution or other action shall only become effective upon receiving the approval of the state funding board. (d) Any instrument or document evidencing the debt or borrowing of funds by the veterans' homes board shall contain on the face thereof a statement to the effect that the debt or obligation is not a debt of the state, but is payable solely from revenues and moneys pledged to the payment thereof.

Legislative History

Acts 1988, ch. 899, §7; 2010 , ch. 868, § 82.