Utah Code § 11-68-504
Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability
Utah · Utah Code Title 11 — Cities, Counties, and Local Taxing Units · Status: effective
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- Citation
- Utah Code § 11-68-504, Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2326514
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Full text
(1) A member of the board or other person executing an authority bond is not liable personally on the bond.
(2)
(a) A bond issued by the authority is not an obligation or liability of the state or any of the state's political subdivisions, except the authority, and does not constitute a charge against the general credit or taxing powers of the state or other political subdivisions of the state.
(b) A bond issued by the authority is not payable out of any funds other than those of the authority.
(c) The state and any political subdivision of the state, other than the authority, 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.