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Current as of May 05, 2022 | Updated by FindLaw Staff
(1) A member of the authority 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 community, the state, and its political subdivisions 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.
Cite this article: FindLaw.com - Utah Code Title 63H. Independent State Entities § 63H-1-604. Those executing bonds not personally liable--Limitation of obligations under bonds--Negotiability - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-63h-independent-state-entities/ut-code-sect-63h-1-604/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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