The corporation and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and the incurring of expenses and obligations in connection with such issuance.
R.I. Gen. Laws § 42-133-12
Limited power to incur debt
Known as the Tobacco Settlement Financing Corporation Act
The act spans §§ 42-133-1 to 42-133-9 (21 sections).
P.L. 2002, ch. 65, art. 8, § 1.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.