99.500. Bonds--commissioners not personally liable--not to constitute debt of a political subdivision or state--exempt from income taxes. - Missouri Statutes

Bonds--commissioners not personally liable--not to constitute debt ofa political subdivision or state--exempt from income taxes.

99.500. 1. Neither the commissioners of an authority norany person executing the bonds shall be liable personally on thebonds by reason of the issuance thereof. Bonds issued under thissection by a land clearance for redevelopment authority, createdby or pursuant to sections 99.330 to 99.410 or by a housingauthority, shall not be a debt of the municipality, the county orthe state and neither the municipality, the county or the stateshall be liable thereon nor in any event shall such bonds bepayable out of any funds or properties other than those acquiredfor the purposes of this law and such bonds shall not constitutean indebtedness within the meaning of any constitutional orstatutory debt limitation or restriction.

2. Bonds of an authority are declared to be issued for anessential public and governmental purpose and to be publicinstrumentalities, and interest thereon and income therefromshall be exempt from income taxes.

(L. 1951 p. 300 § 10)