§ 45-54-17. Credit of state and political subdivisions 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 from revenues. All revenue bonds shall contain on the face a statement to the effect that neither the state nor the municipality nor the corporation is obligated to pay the bonds or their interest except from the 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 the funds provided under the provisions of this chapter.
History of Section.P.L. 1991, ch. 421, § 1.
Structure Rhode Island General Laws
Chapter 45-54 - Municipal Detention Facility Corporations
Section 45-54-1. - Corporations created.
Section 45-54-2. - Legislative findings.
Section 45-54-3. - Definitions.
Section 45-54-4. - Resolution conclusive as to capacity of corporation.
Section 45-54-5. - Board of directors — Tenure — Quorums.
Section 45-54-7. - Exemption from taxation.
Section 45-54-9. - Eminent domain proceedings.
Section 45-54-10. - Revenue bonds.
Section 45-54-11. - Trust agreement.
Section 45-54-13. - Trust funds.
Section 45-54-15. - Negotiable instruments.
Section 45-54-16. - Refunding bonds.
Section 45-54-17. - Credit of state and political subdivisions not pledged.
Section 45-54-18. - Use of projects.
Section 45-54-19. - Capital reserves.
Section 45-54-20. - Bonds eligible for investment.
Section 45-54-21. - Limitation of powers.
Section 45-54-22. - Annual report and audit.
Section 45-54-23. - Transfers to governmental body.
Section 45-54-24. - Applicability of other laws.
Section 45-54-25. - Liberal construction.
Section 45-54-26. - Inconsistent provisions.