Rhode Island General Laws 46-25-65. Credit of the state of Rhode Island
Obligations issued under the provisions of § 46-25-58 — § 46-25-66 shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof, other than the commission, or a pledge of the faith and credit of the state or any political subdivision, other than the commission, but shall be payable solely from the revenues or assets of the commission. Each obligation issued pursuant to § 46-25-58 — § 46-25-66 shall contain on the face thereof a statement to the effect that the commission shall not be obligated to pay the obligation or interest thereon except from revenues or assets pledged therefor, and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof, other than the commission, is pledged to the payment of the principal of or the interest on the obligation.
History of Section.
P.L. 1989, ch. 557, § 3.
Terms Used In Rhode Island General Laws 46-25-65
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.