63H-1-604 - Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
63H-1-604. Those executing bonds not personally liable -- Limitation of obligationsunder bonds -- Negotiability.
(1) A member of the authority board or other person executing an authority bond is notliable personally on the bond.
(2) (a) A bond issued by the authority is not a general obligation or liability of the state orany of its political subdivisions and does not constitute a charge against their general credit ortaxing powers.
(b) A bond issued by the authority is not payable out of any funds or properties other thanthose of the authority.
(c) The community, the state, and its political subdivisions may not be liable on a bondissued by the authority.
(d) A bond issued by the authority does not constitute indebtedness within the meaningof 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