Utah Statutes
§ 11-65-504 — Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.
Utah·Title 11 Cities, Counties, and Local Taxing Units·Ch. 11-65 Utah Lake Authority Act·Part 11-65-5 Lake Authority Bonds
(1)A member of the board or other person executing a lake authority bond is not liable personally on the bond.
(2)(2)(a) A bond issued by the lake authority is not a general obligation or liability of the state or any of the state's political subdivisions and does not constitute a charge against the general credit or taxing powers of the state or any of the state's political subdivisions.
(2)(b) A bond issued by the lake authority is not payable out of any funds or properties other than those of the lake authority.
(2)(c) The state and the state's political subdivisions are not and may not be held liable on a bond issued by the lake authority.
(2)(d) A bond issued by the lake authority does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
Free access — add to your briefcase to read the full text and ask questions with AI
Utah § 11-65-504 (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 59, 2022 General Session
Nearby Sections
15
§ 11-1-4
Sinking fund -- Investment.§ 11-1-6
Violation of act a misdemeanor.§ 11-10-2
Qualifications of licensee.§ 11-10-3
License fee.§ 11-13-101
Title.§ 11-13-102
Purpose of chapter.§ 11-13-103
Definitions.