§ 63H-5-107. Notes, bonds, other obligation -- Not debt liability -- Expenses payable from funds provided -- Agency without authority to incur liability on behalf of state.

(1)

(a) An obligation or liability of the authority does not constitute:

(i) a debt or liability of the state or of any of its political subdivisions; or

(ii) the loaning of credit of the state or of any of its political subdivisions.

(b) An obligation or liability of the authority is payable only from money of the authority.

(2) An obligation of the authority shall contain a statement to the effect:

(a) that the authority is obligated to pay the obligation solely from the revenues or other money of the authority;

(b) that neither the state nor its political subdivisions are obligated to pay it; and

(c) that neither the faith and credit nor the taxing power of the state or any of its political subdivisions is pledged to the payment of the obligation.

(3)

(a) Expenses incurred in carrying out this chapter are payable solely from money of the authority provided under this chapter.

(b) Nothing in this chapter authorizes the authority to incur indebtedness or liability on behalf of or payable by the state or any of its political subdivisions.

Renumbered and Amended by Chapter 370, 2011 General Session