9-3-607 - Notes, bonds, other obligation -- Not debt liability -- Expenses payable from funds provided -- Agency without authority to incur liability on behalf of state. - Utah Statutes

9-3-607. Notes, bonds, other obligation -- Not debt liability -- Expenses payablefrom funds provided -- Agency without authority to incur liability on behalf of state.
(1) (a) An obligation or liability of the authority does not constitute:
(i) a debt or liability of the state or of any of its political subdivisions; or
(ii) the loaning of credit of the state or of any of its political subdivisions.
(b) An obligation or liability of the authority is payable only from funds of the authority.
(2) An obligation of the authority shall contain a statement to the effect:
(a) that the authority is obligated to pay the obligation solely from the revenues or otherfunds of the authority;
(b) that neither the state nor its political subdivisions are obligated to pay it; and
(c) that neither the faith and credit nor the taxing power of the state or any of its politicalsubdivisions is pledged to the payment of the obligation.
(3) (a) Expenses incurred in carrying out this part are payable solely from funds of theauthority provided under this part.
(b) Nothing in this part authorizes the authority to incur indebtedness or liability onbehalf of or payable by the state or any of its political subdivisions.

Enacted by Chapter 152, 2010 General Session