State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_131A > GS_131A-10

§131A‑10.  Credit of State not pledged.

Bonds or notes issued underthe provisions of this Chapter shall not be secured by a pledge of the faithand credit of the State or of any political subdivision thereof or be deemed tocreate an indebtedness of the State, or of any such political subdivisionthereof, requiring any voter approval, but shall be payable solely from therevenues and other funds provided therefor. Each bond or note issued under thisChapter shall contain on the face thereof a statement to the effect that theCommission shall not be obligated to pay the same nor the interest thereonexcept from the revenues and other funds pledged therefor and that neither thefaith and credit nor the taxing power of the State or of any political subdivisionthereof is pledged as security for the payment of the principal of or theinterest on such bond or note.

Expenses incurred by theCommission in carrying out the provisions of this Chapter may be made payablefrom funds provided pursuant to, or made available for use under, this Chapterand no liability shall be incurred by the Commission hereunder beyond theextent to which moneys shall have been so provided. (1975, c. 766, s. 1.)