Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of any political subdivision of the state but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on its face a statement to the effect that the corporation shall not be obligated to pay the obligation or the interest on the obligation except from the revenues or assets pledged and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the state is pledged to the payment of the principal of or the interest on the obligation.
R.I. Gen. Laws § 42-55-19
Credit of state not pledged
Known as the Rhode Island Housing and Mortgage Finance Corporation Act
The act spans §§ 42-55-1 to 42-55-9 (39 sections).
Applied in 1 court decision — leading case 893 F. Supp. 1180 - New England Multi-Unit Housing Laundry Ass'n v. Rhode Island Housing & Mortgage Finance Corp. (1995)
Most recently applied in 893 F. Supp. 1180 - New England Multi-Unit Housing Laundry Ass'n v. Rhode Island Housing & Mortgage Finance Corp. (July 1995)
P.L. 1973, ch. 262, § 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.