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New Jersey Statutes, Title: 40, MUNICIPALITIES AND COUNTIES
Chapter 37a:
Section: 40:37a-66: Liability on bonds
Neither the members of an 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 by an authority pursuant to this act shall not be in any way a debt or liability of the State or any subdivision thereof and shall not create or constitute any indebtedness, liability or obligation of the State or any such subdivision, except the authority and any county which in accordance with this act shall have guaranteed payment of the principal of and interest on such bonds.
L.1960, c. 183, p. 746, s. 23, eff. Jan. 18, 1961.
This section added to the Rutgers Database: 2012-09-26 13:37:51.
Older versions of 40:37a-66 (if available):
Court decisions that cite this statute:
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