Rhode Island General Laws 42-133-15. Credit of the state
Bonds issued under the provisions of this chapter shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof other than the corporation, or a pledge of the faith and credit of the state or any political subdivision, but shall be payable solely from the assets of the corporation. Bonds shall state on their face that the bonds are payable both as to principal and interest solely out of the assets of the corporation pledged for such purpose, and neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of or the interest on the bonds; do not constitute an indebtedness of the state or any political subdivision of the state; are secured solely by and payable solely from the tobacco receipts sold to the corporation and other moneys of the corporation; and do not constitute a general, legal, or moral obligation of the state or any political subdivisions thereof, and that the state has no obligation or intention to satisfy any deficiency or default of any payment of the bonds.
History of Section.
P.L. 2002, ch. 65, art. 8, § 1.
Terms Used In Rhode Island General Laws 42-133-15
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bonds: means bonds, notes (but only as provided in § 42-133-8(6)(e)), or other evidences of indebtedness of the corporation, all of which shall be in all events payable solely from and secured solely by such portion of the state's tobacco receipts as are sold to the corporation and pledged to secure the bonds, and issued pursuant to the authorizations contained in this chapter, all of which shall be issued under the name of or known as obligations of the corporation. See Rhode Island General Laws 42-133-3
- Corporation: means the corporation authorized, created, and established pursuant to this chapter. See Rhode Island General Laws 42-133-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means the state of Rhode Island. See Rhode Island General Laws 42-133-3