Neither the state nor any municipality shall have the power to pay out of its general funds or otherwise contribute its money to the authority, nor may the state or any state agency purchase any bonds or notes of the authority, nor shall the state or any municipality have the power to make or participate in the making of loans to mortgage lenders or to purchase or participate in the purchase of mortgage loans pursuant to the Mortgage Finance Authority Act. Notwithstanding the foregoing, neither the state nor any municipality shall be prohibited from appropriating its money to or in aid of the authority's programs or the beneficiaries of any program to the extent otherwise permitted by law.
History: 1953 Comp., § 13-19-19, enacted by Laws 1975, ch. 303, § 19; 1995, ch. 9, § 29.
The 1995 amendment, effective June 16, 1995, rewrote the second sentence which read: "The making of all loans to mortgage lenders and the purchase of all mortgage loans by the authority shall be made out of the proceeds from the sale of bonds or notes issued by the authority pursuant to the Mortgage Finance Authority Act".
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