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 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.
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.