40:11A-9 - Bonds; liability - New Jersey Statutes

40:11A-9.  Bonds;  liability
    Neither the commissioners of an authority nor any person executing 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 State or any political  subdivision thereof except the authority or a public body which in accordance  with this act shall have guaranteed payment of principal of and interest on the  same, and neither the State nor any political subdivision thereof other than  the authority or such a public body shall be liable thereon.  Except to the  extent and for the purposes otherwise expressly provided by other laws, 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.

     L.1948, c. 198, p. 984, s. 9.  Amended by L.1954, c. 138, p. 629, s. 7; L.1958, c. 22, p. 63, s. 5, eff. April 22, 1958.