80.560 No personal or governmental liability on bonds -- Tax exemption. - Kentucky Statutes

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80.560 No personal or governmental liability on bonds -- Tax exemption. Neither the members nor any person executing the bonds shall be liable personally on the
bonds by reason of the issuance thereof. The bonds and other obligations of an authority
(and such bonds and obligations shall so state on their face) shall not be a debt of the city,
the county, the Commonwealth or any political subdivision thereof and neither the city or
the county, nor the Commonwealth or any political subdivision thereof shall be liable
thereon, nor in any event shall such bonds or obligations be payable out of any funds or
properties other than those of the authority. The bonds shall not constitute an
indebtedness within the meaning of any constitutional or statutory debt limitation or
restriction. Bonds of an authority are declared to be issued for an essential public and
governmental purpose and to be public instrumentalities and, together with interest
thereon and income therefrom, shall be exempt from taxes. History: Created 1942 Ky. Acts ch. 70, sec. 26.