State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_159C > GS_159C-17

§ 159C‑17.  Creditof State not pledged.

Bonds issued under the provisions of this Chapter shall not be deemedto constitute a debt of the State or any political subdivision or any agencythereof or a pledge of the faith and credit of the State or any politicalsubdivision or any such agency, but shall be payable solely from the revenuesand other funds provided therefor. Each bond issued under this Chapter shallcontain on the face thereof a statement to the effect that the authority shallnot be obligated to pay the same or the interest thereon except from therevenues and other funds pledged therefor and that neither the faith and creditnor the taxing power of the State or any political subdivision or any agencythereof is pledged to the payment of the principal of or the interest on suchbonds. (1975, c. 800, s. 1.)