Section 504 – Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.

• (1) A member of the board or other person executing a lake authority bond is not liable personally on the bond.

• (2)
  • (a) A bond issued by the lake authority is not a general obligation or liability of the state or any of the state’s political subdivisions and does not constitute a charge against the general credit or taxing powers of the state or any of the state’s political subdivisions.
  • (b) A bond issued by the lake authority is not payable out of any funds or properties other than those of the lake authority.
  • (c) The state and the state’s political subdivisions are not and may not be held liable on a bond issued by the lake authority.
  • (d) A bond issued by the lake authority does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.

• (3) A bond issued by the lake authority under this part is fully negotiable.

Enacted by Chapter 59, 2022 General Session