63H-1-604. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.
- (1) A member of the authority board or other person executing an authority bond is not liable personally on the bond.
- (2)
- (a) A bond issued by the authority is not a general obligation or liability of the state or any of its political subdivisions and does not constitute a charge against their general credit or taxing powers.
- (b) A bond issued by the authority is not payable out of any funds or properties other than those of the authority.
- (c) The community, the state, and its political subdivisions may not be liable on a bond issued by the authority.
- (d) A bond issued by the authority does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
- (3) A bond issued by the authority under this part is fully negotiable.
Enacted by Chapter 23, 2007 General Session