11-65-504. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.
| (1) |
A member of the board or other person executing a lake authority bond is not liable personally on the bond. |
Terms Used In Utah Code 11-65-504
- Board: means the lake authority's governing body, created in Section 11-65-301. See Utah Code 11-65-101
- Lake authority: means the Utah Lake Authority, created in Section 11-65-201. See Utah Code 11-65-101
- 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 :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) |
| (a) |
A bond issued by the lake authority is not a general obligation or liability of the state or any of the state’s political subdivisions and does not constitute a charge against the general credit or taxing powers of the state or any of the state’s political subdivisions. |
| (b) |
A bond issued by the lake authority is not payable out of any funds or properties other than those of the lake authority. |
| (c) |
The state and the state’s political subdivisions are not and may not be held liable on a bond issued by the lake authority. |
| (d) |
A bond issued by the lake authority does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation. |
|
| (3) |
A bond issued by the lake authority under this part is fully negotiable. |
Enacted by Chapter 59, 2022 General Session
