North Carolina General Statutes § 116-198.32 Credit and taxing power of State not pledged; statement on face of bonds

Revenue bonds issued as in this Article provided shall not be deemed to constitute a debt or liability of the State or any political subdivision thereof or a pledge of the faith and credit of the State or of any such political subdivision, but shall be payable solely from the funds herein provided therefor from revenues.  All such revenue bonds shall contain on the face thereof a statement to the effect that neither the State nor the Board (herein mentioned) shall be obligated to pay the same or the interest thereon except from revenues as herein defined and that neither the faith and credit nor the taxing power of the State or of any political subdivision or instrumentality thereof is pledged to the payment of the principal of or the interest on such bonds.  The issuance of revenue bonds hereunder shall not directly or indirectly or contingently obligate the State or any political subdivision thereof to levy or to pledge any taxes whatsoever therefor. (1987, c. 336.)

Sections:  Previous  116-193  116-194  116-195  116-196  116-197  116-198  116-198.31  116-198.32  116-198.33  116-198.34  116-198.35  116-198.36  116-198.37  116-198.38  116-198.39  Next

Last modified: March 23, 2014