(a) An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds issued previously by it.

(b) Neither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority, and such bonds and obligations shall so state on their face, shall not be a debt of the municipality, the State, or any political subdivision thereof and neither the municipality, nor the State or any political subdivision thereof shall be liable thereon. Nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of said authority. Bonds shall not constitute an indebtedness within the meaning of any debt limitation or any restriction. Bonds of an authority are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and together with interest thereon and income therefrom, shall be exempt from taxes. (1961, No. 212, § 14, eff. July 11, 1961.)