53G-5-604. Limited obligations.
120 words·~1 min read·
/ut/title-53g/chapter-5/53g-5-604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 1/24/2018
53G-5-604. Limited obligations.
Except as provided in Section 53G-5-607 , 53G-5-608 , or 53G-5-609 , bonds, notes, and other obligations issued by the authority:
(1)do not constitute a debt, moral obligation, or liability of the state, or of any county, city, town, school district, or any other political subdivision of the state;
(2)do not constitute the loan of credit of the state or of any county, city, town, school district, or any other political subdivision of the state; and
(3)may not be paid from funds other than loan payments or lease revenues received from a charter school or other funds pledged by a charter school.
Renumbered and Amended by Chapter 3 , 2018 General Session