§ 35A-8-718. Notes, bonds, other obligations -- Not a debt liability -- Expenses payable from funds provided -- Corporation without authority to incur liability on behalf of state -- Relationship to Governmental Immunity Act of Utah.

(1)

(a)

(i) Notes, bonds, and other obligations issued under this part are not a debt or liability of this state or of a county, city, town, school district, or other political subdivision of the state.

(ii) The notes, bonds, or other obligations do not constitute the loaning of credit of the state or of a county, city, town, school district, or other political subdivision of the state.

(iii) The notes, bonds, or other obligations are not payable from money other than that of the corporation.

(b) All notes, bonds, or other obligations shall contain on their face a statement to the effect that:

(i) the corporation shall pay the note, bond, or obligation solely from the revenues or other money of the corporation;

(ii) neither this state nor any of its political subdivisions are obligated to pay the note, bond, or obligation; and

(iii) neither the faith and credit nor the taxing power of this state or any of its political subdivisions are pledged to the payment of principal, or redemption price of, or the interest on the notes, bonds, or other obligations.

(2) All expenses incurred in carrying out this part are payable solely from funds provided under this part, and nothing in this part authorizes the corporation to incur indebtedness or liability on behalf of or payable by this state or any of its political subdivisions.

(3)

(a) Title 63G, Chapter 7, Governmental Immunity Act of Utah, applies to the corporation.

(b) Notwithstanding Subsection (3)(a), a claim may not be brought against the state, any public official or employee of the state, another public entity, or any public official or employee of another public entity, based on or arising from:

(i) a failure to fulfill a contractual obligation of the corporation;

(ii) an act or failure to act by the corporation or its trustees, officers, employees, agents, or representatives; or

(iii) failure of the corporation to comply with the requirements of any law or regulation.

(c) The provisions of Subsection (3)(b) do not apply to a claim of a current or former officer or employee of the corporation for retirement or insurance benefits.

Renumbered and Amended by Chapter 212, 2012 General Session