Utah Code 11-70-604. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability
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(1) A member of the board or other person executing a fairpark district bond is not liable personally on the bond.
Terms Used In Utah Code 11-70-604
- Board: means the fairpark district's governing body, created in Section
11-70-301 . See Utah Code 11-70-101 - Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section
11-70-201 . See Utah Code 11-70-101 - Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)(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.(2)(b) A bond issued by the fairpark district is not payable out of any funds or properties other than those of the fairpark district.(2)(c) The state and its political subdivisions are not and may not be held liable on a bond issued by the fairpark district.(2)(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.