(1) A member of a board or other person executing an agency bond is not liable personally on the bond.
(2) (a) A bond issued by an agency is not a general obligation or liability of the community, the state, or any of the state's political subdivisions and does not constitute a charge against their general credit or taxing powers. (b) A bond issued by an agency is not payable out of any funds or properties other than those of the agency. (c) The community, the state, and the state's political subdivisions may not be liable on a bond issued by an agency. (d) A bond issued by an agency does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
(a) A bond issued by an agency is not a general obligation or liability of the community, the state, or any of the state's political subdivisions and does not constitute a charge against their general credit or taxing powers.
(b) A bond issued by an agency is not payable out of any funds or properties other than those of the agency.
(c) The community, the state, and the state's political subdivisions may not be liable on a bond issued by an agency.
(d) A bond issued by an agency does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
(3) A bond issued by an agency under this part is fully negotiable.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.