§ 45-50-11. Credit of state, political subdivisions, and authority 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 therefor from revenues. All revenue bonds shall contain on the face a statement to the effect that neither the state nor the municipality nor the authority is obligated to pay the bonds or their interest except from 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 funds provided under the provisions of this chapter.
History of Section.P.L. 1987, ch. 475, § 1.
Structure Rhode Island General Laws
Chapter 45-50 - Municipal Public Buildings Authorities
Section 45-50-1. - Short title.
Section 45-50-2. - Authorities created.
Section 45-50-4. - Resolution conclusive as to capacity of authority.
Section 45-50-5. - Appointment of authority members.
Section 45-50-5.1. - Compliance with laws and contractual obligations.
Section 45-50-5.2. - Interest of members or employees in property.
Section 45-50-5.3. - Evaluation and approval.
Section 45-50-6. - Tenure of authority members.
Section 45-50-7. - Officers and quorums.
Section 45-50-8. - Reimbursement for expenses.
Section 45-50-9. - Definitions.
Section 45-50-11. - Credit of state, political subdivisions, and authority not pledged.
Section 45-50-12. - Powers of authority.
Section 45-50-13. - Eminent domain proceedings.
Section 45-50-14. - Revenue bonds.
Section 45-50-15. - Trust agreements.
Section 45-50-17. - Trust funds.
Section 45-50-19. - Exemptions from taxation.
Section 45-50-20. - Bonds eligible for investment.
Section 45-50-21. - Negotiable instruments.
Section 45-50-22. - Refunding bonds.
Section 45-50-23. - Use of projects.
Section 45-50-24. - Limitation of powers.
Section 45-50-25. - Actions authorized by resolution.
Section 45-50-26. - Annual report and audit.
Section 45-50-27. - Transfer of project to governmental body.
Section 45-50-28. - Inconsistent provisions.
Section 45-50-29. - Applicability of other laws.