279.638 - Liability on bonds; limitation of indebtedness. - Nevada Statutes

279.638  Liability on bonds; limitation of indebtedness.

      1.  Neither the members of an agency nor any persons executing the bonds are liable personally on the bonds by reason of their issuance.

      2.  Unless the full faith and credit of a community is pledged, the bonds and other obligations of any agency are not a debt of the community, the State or any of its political subdivisions and neither the community, the State nor any of its political subdivisions is liable on them, nor in any event shall the bonds or obligations be payable out of any funds or properties other than those of the agency; and such bonds and other obligations shall so state on their face. Unless the full faith and credit of a community is pledged, the bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

      (Added to NRS by 1959, 668; A 1981, 315)