Utah Code 11-68-504. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability
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(1) A member of the board or other person executing an authority bond is not liable personally on the bond.
Terms Used In Utah Code 11-68-504
- Authority: means the State Fair Park Authority, created in Section 11-68-201. See Utah Code 11-68-101
- Board: means the authority board, created in Section 11-68-301. See Utah Code 11-68-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)(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.(2)(b) A bond issued by the authority is not payable out of any funds other than those of the authority.(2)(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.(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.