RSA 162-S:9 · Bonds not Public Debt

162-S:9 Bonds not Public Debt. –

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I.

Unless otherwise expressly provided in the resolution therefor, bonds of the authority shall be limited obligations of the authority payable solely from amounts received by or on behalf of the authority from revenues derived from the project to be financed or refinanced thereby, or from any contract entered into or investment made in connection with the bonds and pledged to the payment of the bonds.

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II.

The state and the political subdivisions of the state are not and shall not be liable on bonds issued or any other contract entered into under this chapter, or for any other debt, obligation, or liability of the authority, whether in tort, contract, or otherwise.

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III.

Bonds issued under this chapter are not a debt of the state or the political subdivisions of the state. No bond issued under this chapter shall obligate the state, or any political subdivision approving a financing under RSA 162-S:10 to levy any tax or make any appropriation for payment thereof or with respect thereto. All bonds issued by the authority under this chapter are payable solely from the funds pledged for their payment in accordance with the trust agreement, indenture, or other agreement providing for their issuance. All bonds shall contain, on their face, a statement regarding the obligations of the state, the political subdivisions of the state, and the authority as set forth in this section. Source. 2018, 331:1, eff. June 25, 2018.

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