2016 Rhode Island General Laws
Title 46 - Waters and Navigation
Chapter 46-12.2 - Rhode Island Infrastructure Bank
Section 46-12.2-18 - Bonds not obligations of the state.

RI Gen L § 46-12.2-18 (2016) What's This?

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

Bonds issued by the agency under the provisions of this chapter or chapter 24-18 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 24-18. Bonds issued by the agency under the provisions of this chapter and chapter 24-18 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.

History of Section.
(P.L. 1989, ch. 303, § 2; P.L. 2013, ch. 144, art. 20, § 2.)

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