40:37B-30 - Liability on bonds - New Jersey Statutes

40:37B-30.  Liability on bonds
    Neither the members of the authority nor any person executing bonds issued pursuant to this act shall be liable personally on the bonds by reason of the issuance thereof.  Bonds or other obligations issued pursuant to this act shall  not be in any way a debt or liability of the State or of any subdivision  thereof, and shall not create or constitute any indebtedness, liability or  obligation of the State or of any such subdivision.  Nothing in this act  contained shall be construed to authorize any authority to incur any indebtedness on behalf of or in any way to obligate the State or any subdivision thereof.

     L.1967, c. 136, s. 30, eff. June 28, 1967.