(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, and the bonds issued hereunder shall be obligations only of the authority involved. In no event shall they constitute an indebtedness of the State of Arkansas or of the city involved within the meaning of any constitutional or statutory limitation or for which the faith and credit of the state or the city are pledged.
(b) No member of an authority shall be personally liable on the bonds or for any damages sustained by anyone in connection with any contracts entered into in carrying out the purposes and intent of this chapter unless that member shall have acted with a corrupt intent.
Section: Previous 14-303-502 14-303-503 14-303-504 14-303-505 14-303-506 14-303-507 14-303-508 14-303-509 14-303-510 14-303-511 14-303-512 14-303-513 NextLast modified: November 15, 2016