Utah Code 63H-1-604. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability
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(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 :(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 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.(2)(b) A bond issued by the authority is not payable out of any funds or properties other than those of the authority.(2)(c) The community, the state, and its political subdivisions may not be liable on a bond issued by the authority.(2)(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.