7-15-4503. Nature of bonded indebtedness.
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/mt/title-7/chapter-15/part-45/7-15-4503·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-15-4503 . Nature of bonded indebtedness.
(1)Neither the commissioners of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.
(2)The bonds and other obligations of the authority (and such bonds and obligations shall so state on their face) shall not be a debt of any city or municipality located within its boundaries or of the state, and neither the state nor any such city or municipality shall be liable thereon, nor in any event shall they be payable out of any funds or properties other than those of the authority.
(3)The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory provision of the laws of the state. Bonds may be issued under this part and part 44 notwithstanding any debt or other limitation prescribed by any statute.