11-59-604. Those executing bonds not personally liable -- Limitation of obligations under bond -- Negotiability.
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Effective 5/1/2024
11-59-604. Those executing bonds not personally liable -- Limitation of obligations under bond -- Negotiability.
(1)A member of the board or other person executing an authority bond is not liable personally on the bond.
(a)A bond issued by the authority is not a general obligation or liability of the state or any political subdivision of the state and does not constitute a charge against the general credit or taxing powers of the state or any political subdivision of the state.
(b)A bond issued by the authority is not payable out of any funds or properties other than those of the authority.
(c)The state and political subdivisions of the state are not and may not be held liable on a bond issued by the authority.
(d)A bond issued by the authority does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
(3)A bond issued by the authority under this part is fully negotiable.
Enacted by Chapter 207 , 2024 General Session