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New Jersey Statutes, Title: 40, MUNICIPALITIES AND COUNTIES
Chapter 37b:
Section: 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.
This section added to the Rutgers Database: 2012-09-26 13:37:51.
Older versions of 40:37b-30 (if available):
Court decisions that cite this statute:
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