17C-1-506. Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
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Effective 5/10/2016
17C-1-506. Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
(1)A member of a board or other person executing an agency bond is not liable personally on the bond.
(a)A bond issued by an agency is not a general obligation or liability of the community, the state, or any of the state's political subdivisions and does not constitute a charge against their general credit or taxing powers.
(b)A bond issued by an agency is not payable out of any funds or properties other than those of the agency.
(c)The community, the state, and the state's political subdivisions may not be liable on a bond issued by an agency.
(d)A bond issued by an agency does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
(3)A bond issued by an agency under this part is fully negotiable.
Amended by Chapter 350 , 2016 General Session