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Code · North Carolina · Chapter 159D — The North Carolina Capital Facilities Financing Act

§ 159D-17. Credit of State not pledged.

141 words·~1 min read·/nc/chapter-159d/159d-17

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§ 159D-17. Credit of State not pledged.
Bonds issued under the provisions of this Article do not constitute a debt of the State or any political subdivision or a pledge of the faith and credit of the State or any political subdivisions, but shall be payable solely from the revenues and other funds provided for payment. Each bond issued under this Chapter shall contain on its face a statement to the effect that the agency shall not be obligated to pay the bonds or the interest on it except from the revenues and other funds pledged for payment and that neither the faith and credit nor the taxing power of the State or any political subdivision is pledged to the payment of the principal of or the interest on the bonds.
(1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.)
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