Section 195-E:12 Credit of State Not Pledged.
I. Revenue bonds issued under this chapter do not constitute a debt or liability of the state or of any municipality or political subdivision of the state or a pledge of the faith and credit of the state or of any municipality or political subdivision.
II. These revenue bonds are payable solely from the revenues or other funds derived from student loans, either directly or indirectly provided by this chapter for their payment. All such revenue bonds shall contain on the face of the bond a statement to the effect that neither the state nor the authority is obligated to pay the bond or the interest on the bond except from revenues or other funds derived from student loans, either directly or indirectly provided by this chapter, and that neither the faith and credit nor the taxing power of the state or of any municipality or political subdivision of the state is pledged to the payment of the principal of or the interest on the bonds. The issuance of revenue bonds under this chapter shall not directly or indirectly or contingently obligate the state or any municipality or political subdivision of the state to levy or to pledge any form of taxation whatever for the bonds or to make any appropriation for their payment.
Source. 1981, 229:1, eff. Aug. 10, 1981.