9-3-507 - Notes, bonds, other obligation -- Not debt liability -- Expenses payable from funds provided -- Agency without authority to incur liability on behalf of state.
9-3-507. Notes, bonds, other obligation -- Not debt liability -- Expenses payablefrom funds provided -- Agency without authority to incur liability on behalf of state.
(1) An obligation or liability of the authority does not constitute a debt or liability of thisstate or of any of its political subdivisions nor does any obligation or liability constitute theloaning of credit of the state or of any of its political subdivisions nor may any obligation orliability of the authority be payable from funds other than those of the authority. All obligationsof the authority shall contain a statement to the effect that the authority is obligated to pay themsolely from the revenues or other funds of the authority and that this state or its politicalsubdivisions are not obligated to pay them and that neither the faith and credit nor the taxingpower of this state or any of its political subdivisions is pledged to the payment of them.
(2) All expenses incurred in carrying out this part shall be payable solely from funds ofthe authority provided under this part, and nothing in this part may be construed to authorize theauthority to incur indebtedness or liability on behalf of or payable by this state or any of itspolitical subdivisions.
Enacted by Chapter 364, 2010 General Session