40:68A-51 - Personal liability on bonds; not debt or liability of state, county or municipality - New Jersey Statutes

40:68A-51.  Personal liability on bonds;  not debt or liability of state, county or municipality
    Neither the members of the municipal port 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, and bonds or  other obligations issued by a municipal port authority pursuant to this act  shall not be in any way a debt or liability of the State or of any county or  municipality and shall not create or constitute any indebtedness, liability or  obligation of the State or of any county or municipality, except a municipality  which in accordance with section 15 of P.L.1960, c. 192 (C. 40:68A-43) shall  have guaranteed payment of principal and interest on the bonds or other  obligations.  Nothing in this act contained shall be construed to authorize any  municipal port authority to incur any indebtedness on behalf of or in any way  to obligate the State or any county.

     L.1960, c. 192, p. 824, s. 23, eff. Feb. 15, 1961.  Amended by L.1981, c. 547, s. 2.