§ 39-18-5 - Credit of state and political subdivisions not pledged.
SECTION 39-18-5
§ 39-18-5 Credit of state and politicalsubdivisions not pledged. – (a) Bonds issued under the provisions of this chapter shall not be deemed toconstitute a debt of the state, or of any political subdivision thereof, or apledge of the faith and credit of the state, or of any political subdivision.All bonds shall contain, on the face thereof, a statement to the effect thatneither the state nor any political subdivision thereof shall be obligated topay the bonds, or the interest thereon, and that neither the faith and creditnor the taxing power of the state, or of any political subdivision thereof, ispledged to the payment of the principal of or the interest on the bonds.
(b) All expenses incurred in carrying out the provisions ofthis chapter shall be payable solely from funds provided under the provisionsof this chapter, and no liability or obligation shall be incurred by theauthority hereunder beyond the extent to which moneys shall have been providedunder the provisions of this chapter.