Utah § 17D-2-506 Other entities not responsible for local building authority bonds or breach of mortgage and other obligations.

Utah Statutes

§ 17D-2-506 — Other entities not responsible for local building authority bonds or breach of mortgage and other obligations.

Utah·Title 17D Limited Purpose Local Government Entities - Other Entities·Ch. 17D-2 Local Building Authority Act·Part 17D-2-5 Local Building Authority Bonds

(1)Nothing in this part may be construed to require:

(1)(a) the state or any political subdivision of the state to pay a bond issued under this part;

(1)(b) the state or, except the creating local entity, any political subdivision of the state to pay any rent or lease payment due to a local building authority under the terms of a lease agreement; or

(1)(c) the creating local entity to appropriate money to pay:

(1)(c)(i) principal of or interest on bonds issued by a local building authority; or

(1)(c)(ii) the lease payments under a lease agreement with the local building authority.

(2)A breach of a mortgage or a covenant or agreement in a mortgage may not impose a general obligation or liability upon or a charge against:

(2)(a) the creating local entity; or

(2)(b) the general credit or

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(1) Nothing in this part may be construed to require:

(1)(a) the state or any political subdivision of the state to pay a bond issued under this part;
(1)(b) the state or, except the creating local entity, any political subdivision of the state to pay any rent or lease payment due to a local building authority under the terms of a lease agreement; or
(1)(c) the creating local entity to appropriate money to pay:
(1)(c)(i) principal of or interest on bonds issued by a local building authority; or
(1)(c)(ii) the lease payments under a lease agreement with the local building authority.
(2) A breach of a mortgage or a covenant or agreement in a mortgage may not impose a general obligation or liability upon or a charge against:

(2)(a) the creating local entity; or
(2)(b) the general credit or taxing power of the state or any political subdivision of the state.

Utah § 17D-2-506 (Other entities not responsible for local building authority bonds or breach of mortgage and other obligations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.