bonds -- Negotiability. (1) A member of the board or other person executing an authority bond is not liable personally on the bond. (2) (a) A bond issued by the authority is not a general obligation or liability of the state or any of its political subdivisions and does not constitute a charge against their general credit or taxing powers. (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 its political subdivisions 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.
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