11-68-504. Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
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/ut/title-11/chapter-68/11-68-504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/3/2023
11-68-504. Those executing bonds not personally liable -- Limitation of obligations under bonds -- 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 an obligation or liability of the state or any of the state's political subdivisions, except the authority, and does not constitute a charge against the general credit or taxing powers of the state or other political subdivisions of the state.
(b)A bond issued by the authority is not payable out of any funds other than those of the authority.
(c)The state and any political subdivision of the state, other than the authority, may not be 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 502 , 2023 General Session