(a) It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter, that the bonds are obligations only of the sanitation authority, and that in no event shall they constitute an indebtedness for which the faith and credit of the member municipalities, counties, or districts or any of their revenues are pledged.
(b) No member of the board of directors 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 purpose and intent of this chapter unless he or she shall have acted with corrupt intent.
(c) The principal of and interest on the bonds shall be payable from and may be secured by a pledge of revenues received by the sanitation authority or obligations of the owners of projects.
Section: Previous 14-233-105 14-233-106 14-233-107 14-233-108 14-233-109 14-233-110 14-233-111 14-233-112 14-233-113 14-233-114 14-233-115 14-233-116 14-233-117 14-233-118 14-233-119 NextLast modified: November 15, 2016