§ 40:469 — Liability on bonds; debt limitations

A. Neither the commissioners of a housing authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.
B. The bonds and other obligations of a housing authority shall not be a debt of the municipality or parish, the state, or any public agency thereof, and the bonds and obligations shall so state on their face. Except as the state, or a municipality, parish, or other public agency shall otherwise expressly agree, and further except as the bonds of a housing authority, duly authorized by such agreement, shall specifically and directly otherwise provide, neither the state, nor any municipality or parish, nor any public agency other than the housing authority issuing the bonds shall be liable thereon. Nor, in any event, shall such bonds or obligations be payable out of any funds or properties other than those of such issuing housing authority or any guarantor or insurer of such authority.
C. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

Legislative History

Acts 1997, No. 1188, §1.