Utah Statutes
§ 11-58-704 — Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
Utah·Title 11 Cities, Counties, and Local Taxing Units·Ch. 11-58 Utah Inland Port Authority Act·Part 11-58-7 Port Authority Bonds
(1)A member of the board or other person executing an authority bond is not liable personally on the bond.
(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 state and its political subdivisions are not and may not be held 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.
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Utah § 11-58-704 (Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 179, 2018 General Session
Nearby Sections
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Title.§ 11-13-102
Purpose of chapter.§ 11-13-103
Definitions.