§ 2-467. Limited liability of authority, county and state on obligations incurred by authority.

Neither the notes, bonds, nor any other obligation issued or incurred by the educational facilities authority shall be deemed a pledge of the faith or credit of the county, the state or any political subdivision thereof. All such notes, bonds and any other obligations issued by the authority shall contain on the face thereof a statement of the effect that neither the county, the state or any political subdivision thereof nor the authority shall be obligated to pay the same or the interest thereon except from revenues of the project being financed or the portion thereof for which such obligations are issued, and that neither the faith and credit nor the taxing power of the county, the state or any political subdivision thereof, nor the authority is pledged to the payment of the principal of or the interest on such notes, bonds or obligations. No act or omission to act by the authority shall directly or indirectly or contingently obligate the county, the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for the payment of such notes, bonds or obligations. Neither the members of the authority, nor any person executing the notes, bonds or obligations shall be liable personally on the notes, bonds or obligations or be subject to any personal liability or accountability by reason of the issuance thereof.

(Ord. No. 73-3, § 7, 3-1-73)