§ 159-46. Faith and credit pledged.
127 words·~1 min read·
/nc/chapter-159/159-46A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 159-46. Faith and credit pledged.
The faith and credit of the issuing unit are hereby pledged for the payment of the principal of and interest on all bonds issued under this Article and debt instruments secured by a pledge of its faith and credit in accordance with the limitations and procedures prescribed in Chapter 159G of the General Statutes according to their terms, and the power and obligation of the issuing unit to levy taxes and raise other revenues for the prompt payment of installments of principal and interest or for the maintenance of sinking funds shall be unrestricted as to rate or amount, notwithstanding any other provisions of law whether general, special, local, or private.
(1971, c. 780, s. 1; 1987, c. 796, s. 2(2).)