Rhode Island § 42-116-17 - Rhode Island Depositors Economic Protection Corporation

§ 42-116-17. Bonds not obligations of the state.

Bonds issued by the corporation under the provisions of this chapter are not deemed to be a debt, obligation (moral or otherwise), or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, assets, and other property or any revenues or loans dedicated to corporate purposes of the corporation from which they are made payable pursuant to this chapter. Bonds issued by the corporation under the provisions of this chapter shall recite that neither the state nor any political subdivisions of the state shall be obligated to pay the bonds and that the faith and credit of the state or of any political subdivision of the state is not pledged to the payment of the principal of or interest on the bonds. Further, every bond shall recite whether it is a general obligation of the corporation or a special obligation of the corporation payable solely from particular revenues, funds, assets, or other property pledged to its payment.