Sec. 7-479i. Issuance of bonded indebtedness.
Sec. 7-479i. Issuance of bonded indebtedness. An interlocal risk management
agency shall have the power to issue bonds, notes or other obligations from time to time,
in its discretion, for any of its purposes. Such bonds, notes or other obligations shall be
payable solely from and secured by a lien upon any or all of the income or property of
the interlocal risk management agency. Bonds, notes or other obligations issued under
this section shall be in such form, mature at such time or times, bear interest at such rate
or rates, be issued and sold in such manner, and contain such other terms, covenants
and conditions as the interlocal risk management agency by resolution determines. Neither the directors of the interlocal risk management agency nor any person executing
the bonds, notes or other obligations shall be liable personally on the bonds, notes or
other obligations by reason of the issuance thereof. The bonds, notes or other obligations
of the interlocal risk management agency shall not be obligations of any local public
agency or of the state and such bonds, notes or other obligations shall so state on their
face. Neither a local public agency nor the state shall be liable on such bonds, notes or
other obligations and such bonds, notes or other obligations shall not be payable out of
any funds or properties other than those funds of the interlocal risk management agency
pledged as security for such bonds, notes or other obligations.
(P.A. 86-350, S. 26, 28.)