§ 46-12.2-18. Bonds not obligations of the state.
Bonds issued by the agency under the provisions of this chapter or chapter 18 of title 24 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 18 of title 24. Bonds issued by the agency under the provisions of this chapter and chapter 18 of title 24 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.
Structure Rhode Island General Laws
Title 46 - Waters and Navigation
Chapter 46-12.2 - Rhode Island Infrastructure Bank
Section 46-12.2-1. - Legislative findings.
Section 46-12.2-2. - Definitions.
Section 46-12.2-4. - General powers and duties of agency.
Section 46-12.2-4.1. - Power to participate in projects to enhance the waters of the state.
Section 46-12.2-4.2. - Establishment of the efficient buildings fund.
Section 46-12.2-4.3. - Establishment of the clean energy fund.
Section 46-12.2-5. - Officers.
Section 46-12.2-5.1. - Purchasing.
Section 46-12.2-7. - Payment of state funds — Agreement between agency and department.
Section 46-12.2-8. - Procedures for application, approval, and award of financial assistance.
Section 46-12.2-9. - Authorization to expend funds available for local grants.
Section 46-12.2-10. - Powers of local governmental units.
Section 46-12.2-11. - Authority of local governmental units to issue obligations — Terms.
Section 46-12.2-13. - Trust agreements pertaining to local governmental obligations.
Section 46-12.2-14. - Bonds of the agency.
Section 46-12.2-14.1. - Repealed.
Section 46-12.2-15. - Refunding bonds.
Section 46-12.2-16. - Bonds eligible for investment.
Section 46-12.2-17. - No additional consent required.
Section 46-12.2-18. - Bonds not obligations of the state.
Section 46-12.2-19. - Lien status — Recording.
Section 46-12.2-20. - Bonds and local government obligations as investment securities.
Section 46-12.2-21. - Proceeds received by agency as trust funds.
Section 46-12.2-22. - Tax exemption.
Section 46-12.2-23. - Duration of agency — Termination.
Section 46-12.2-24. - Record keeping — Financial statements.
Section 46-12.2-24.1. - Reporting requirements.
Section 46-12.2-25. - Supplemental powers — Inconsistent laws.
Section 46-12.2-25.1. - Administrative procedures.