17C-1-506 - Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
17C-1-506. Those executing bonds not personally liable -- Limitation of obligationsunder bonds -- Negotiability.
(1) A member of an agency board or other person executing an agency bond is not liablepersonally on the bond.
(2) (a) A bond issued by an agency is not a general obligation or liability of thecommunity, the state, or any of its political subdivisions and does not constitute a charge againsttheir general credit or taxing powers.
(b) A bond issued by an agency is not payable out of any funds or properties other thanthose of the agency.
(c) The community, the state, and its political subdivisions may not be liable on a bondissued by an agency.
(d) A bond issued by an agency does not constitute indebtedness within the meaning ofany constitutional or statutory debt limitation.
(3) A bond issued by an agency under this part is fully negotiable.
Renumbered and Amended by Chapter 359, 2006 General Session