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Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-70-604. Those executing bonds not personally liable--Limitation of obligations under bonds--Negotiability

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A member of the board or other person executing a fairpark district bond is not liable personally on the bond.

(2)(a) A bond issued by the fairpark district 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 fairpark district is not payable out of any funds or properties other than those of the fairpark district.

(c) The state and its political subdivisions are not and may not be held liable on a bond issued by the fairpark district.

(d) A bond issued by the fairpark district does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.

(3) A bond issued by the fairpark district under this part is fully negotiable.

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Cite this article: FindLaw.com - Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-70-604. Those executing bonds not personally liable--Limitation of obligations under bonds--Negotiability - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-11-cities-counties-and-local-taxing-units/ut-code-sect-11-70-604/

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