State Codes and Statutes
Statutes > Rhode-island > Title-42 > Chapter-42-64 > 42-64-23SECTION 42-64-23
§ 42-64-23 Credit of state. – (a) Obligations issued under the provisions of this chapter, except thoseobligations secured by mortgages which are insured by the industrial buildingauthority, shall not constitute a debt, liability or obligation of the state orof any political subdivision of the state other than the Rhode Island economicdevelopment corporation or a pledge of the faith and credit of the state or anypolitical subdivision other than the corporation but shall be payable solelyfrom the revenues or assets of the corporation. Each obligation issued underthis chapter, except those obligations secured by mortgages which are insuredby the industrial building authority, shall contain on its face a statement tothe effect that the corporation shall not be obligated to pay the obligation orinterest on the obligation except from revenues or assets pledged therefor andthat neither the faith and credit nor the taking power of the state or anypolitical subdivision of the state other than the corporation is pledged to thepayment of the principal of or the interest on the obligation.
(b) Obligations issued under the provisions of this chapterwhich are secured by mortgages insured by the industrial building authority, inaddition to being payable from the revenues or assets of the corporation, shallbe secured by a pledge of the faith and credit of the state consistent with theterms and limitations of chapter 34 of this title.
