100.450. Bonds, no personal liability on, not a debt of issuing subdivision or state--interest on bonds exempt from income tax. - Missouri Statutes

Bonds, no personal liability on, not a debt of issuing subdivisionor state--interest on bonds exempt from income tax.

100.450. 1. Neither the commissioners of any authority norany person executing the bonds shall be liable personally on thebonds by reason of the issuance thereof. Bonds issued under thissection by an authority, created by or pursuant to sections *shall not be a debt of the municipality, the county or the stateand neither the municipality, the county or the state shall beliable thereon nor in any event shall such bonds be payable outof any funds or properties other than those acquired for thepurposes of this law and such bonds shall not constitute anindebtedness 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. 1967 p. 172 § 16)

*Apparent omission in text of original rolls.