§ 42-116-17. Bonds not obligations of the state. Bonds issued by the corporation under the provisions of this chapter are not deemed to be a debt, obligation (moral or otherwise), or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, assets, and other property or any revenues or loans dedicated to corporate purposes of the corporation from which they are made payable pursuant to this chapter. Bonds issued by the corporation under the provisions of this chapter shall recite that neither the state nor any political subdivisions of the state shall be obligated to pay the bonds and that the faith and credit of the state or of any political subdivision of the state is not pledged to the payment of the principal of or interest on the bonds. Further, every bond shall recite whether it is a general obligation of the corporation or a special obligation of the corporation payable solely from particular revenues, funds, assets, or other property pledged to its payment.
History of Section. (P.L. 1991, ch. 3, § 4.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
