North Carolina § 131A-10 - Credit of State not pledged.

§ 131A-10. Credit of State not pledged.

Bonds or notes issued under the provisions of this Article shall not be secured by a pledge of the faith and credit of the State or of any political subdivision thereof or be deemed to create an indebtedness of the State, or of any such political subdivision thereof, requiring any voter approval, but shall be payable solely from the revenues and other funds provided therefor. Each bond or note issued under this Article shall contain on the face thereof a statement to the effect that the Commission shall not be obligated to pay the same nor the interest thereon except from the revenues and other funds pledged therefor and that neither the faith and credit nor the taxing power of the State or of any political subdivision thereof is pledged as security for the payment of the principal of or the interest on such bond or note. Expenses incurred by the Commission in carrying out the provisions of this Article may be made payable from funds provided pursuant to, or made available for use under, this Article and no liability shall be incurred by the Commission hereunder beyond the extent to which moneys shall have been so provided. History (1975, c. 766, s. 1; 2019-240, s. 27.1(a), (b).) Editor's Note. - Session Laws 2019-240, s. 27.1(a), effective November 6, 2019, provides: "G.S. 131A-1 through G.S. 131A-25 are designated as Article 1 of Chapter 131A of the General Statutes, which is entitled ‘Health Care Facilities Finance Act.'” Session Laws 2019-240, s. 27.1(b), provides: "The Revisor of Statutes shall change any references in Article 1 of Chapter 131A of the General Statutes from 'this Chapter' to 'this Article.' " Pursuant to this authority, references have been conformed in this section.