| (1) |
A member of the authority board or other person executing an authority bond is not liable personally on the bond. |
Terms Used In Utah Code 63H-1-604
- Authority: means the Military Installation Development Authority, created under Section 63H-1-201. See Utah Code 63H-1-102
- Board: means the governing body of the authority created under Section 63H-1-301. See Utah Code 63H-1-102
- 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 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. |
Enacted by Chapter 23, 2007 General Session
