N.C. Gen. Stat. » Chapter 116
NC General Statutes

N.C. Gen. Stat. § 116-209.12 (2026)

Credit of State not pledged

✓ current as of July 2026
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Bonds issued under the provisions of this Article shall not be deemed to constitute a debt, liability or obligation of the State or of 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 revenues and other funds provided therefor. Each bond issued under this Article shall contain on the face thereof a statement to the effect that the Authority shall not be obligated to pay the same nor the interest thereon except from the revenues, proceeds and other funds pledged therefor and that neither the faith and credit nor the taxing power of the State or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds. Expenses incurred by the Authority in carrying out the provisions of this Article may be made payable from funds provided pursuant to this Article and no liability or obligation shall be incurred by the Authority hereunder beyond the extent to which moneys shall have been so provided. (1967, c. 1177.)

 

Notes of Decisions
Cited in 2 cases, 1969–1970 · leading case: State Educ. Assistance Auth. v. Bank of Statesville, 174 S.E.2d 551 (N.C. 1970).
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State Educ. Assistance Auth. v. Bank of Statesville, 174 S.E.2d 551 (N.C. 1970). · cites it 6× “" G.S. § 116-209.12. It also provided that revenue bonds issued under its authority "shall at all times be free from taxation by the State or any local unit or political subdivision or other instrumentality of the State, excepting inheritance or gift taxes.”
Nicholson v. State Educ. Assistance Auth., 168 S.E.2d 401 (N.C. 1969). “G.S. 116-209.12 expressly provides: “Bonds issued under the provisions of this act shall not be deemed to constitute a debt, liability or obligation of the State or of any political subdivision thereof or a pledge of the faith and credit of the State or of any such political…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.