Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.

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  • (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.




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