(a)  Revenue bonds issued under the provisions of this chapter are not deemed to constitute a debt or a pledge of the faith and credit of the state or the municipality, but are payable solely from the funds provided therefor from revenues. All revenue bonds shall contain on the face a statement to the effect that neither the state nor the municipality nor the authority is obligated to pay the bonds or their interest except from revenues of the project or projects on account of which the bonds are issued, and that neither the faith and credit nor the taxing power of the state or the municipality is pledged to the payment of the principal of or the interest on the bonds.

Terms Used In Rhode Island General Laws 45-50-11

  • authority: means any municipal public buildings authority created pursuant to this chapter, or, if the authority is abolished, the board, body, or commission succeeding to the principal functions or upon whom the powers of the authority given by this chapter are given by law. See Rhode Island General Laws 45-50-9
  • bonds: means and includes the notes, bonds, and other evidences of indebtedness or obligations which the authority is authorized to issue pursuant to this chapter. See Rhode Island General Laws 45-50-9
  • municipality: means and includes any city or town within the state. See Rhode Island General Laws 45-50-9
  • project: means any public facility or public equipment which the authority is authorized to construct, improve, equip, furnish, maintain, acquire, install, or operate under the provisions of this chapter, to provide for the conduct of the executive, legislative, and judicial functions of government, and its various branches, departments, and agencies. See Rhode Island General Laws 45-50-9
  • state: means and includes the state of Rhode Island, and any office, department, board, commission, bureau, division, authority, public corporation, agency, or instrumentality thereof. See Rhode Island General Laws 45-50-9

(b)  All expenses incurred in carrying out the provisions of this chapter are payable solely from funds provided under the provisions of this chapter.

History of Section.
P.L. 1987, ch. 475, § 1.