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

Checkout our iOS App for a better way to browser and research.



  • (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.




Download our app to see the most-to-date content.