Rhode Island General Laws

R.I. Gen. Laws § 42-55-19 (2026)

Credit of state not pledged

✓ current as of July 2026

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Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of any political subdivision of the state but shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on its face a statement to the effect that the corporation shall not be obligated to pay the obligation or the interest on the obligation except from the revenues or assets pledged and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the state is pledged to the payment of the principal of or the interest on the obligation.

Notes of Decisions

Cited in 1 case, 1995–1995 · leading case: New England Multi-Unit Hous. Laundry Ass'n v. Rhode Island Hous. & Mortg. Fin. Corp., 893 F. Supp. 1180 (D.R.I. 1995).

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New England Multi-Unit Hous. Laundry Ass'n v. Rhode Island Hous. & Mortg. Fin. Corp., 893 F. Supp. 1180 (D.R.I. 1995). · cites it 2× “R.I.Gen.Laws § 42-55-19. The fact that, in the event RIHMFC defaults on its obligations, bondholders and creditors can only look to RIHMFC for redress, is especially important to the Court’s conclusion that RIHMFC is not an arm of the state.”

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