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Title VII CITIES, TOWNS AND VILLAGES

Chapter 99

previous next Effective - 28 Aug 1951bottom

  99.500.  Bonds — commissioners not personally liable — not to constitute debt of a political subdivision or state — exempt from income taxes. — 1.  Neither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.  Bonds issued under this section by a land clearance for redevelopment authority, created by or pursuant to sections 99.330 to 99.410 or by a housing authority, shall not be a debt of the municipality, the county or the state and neither the municipality, the county or the state shall be liable thereon nor in any event shall such bonds be payable out of any funds or properties other than those acquired for the purposes of this law and such bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

  2.  Bonds of an authority are declared to be issued for an essential public and governmental purpose and to be public instrumentalities, and interest thereon and income therefrom shall be exempt from income taxes.

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(L. 1951 p. 300 § 10)


---- end of effective   28 Aug 1951 ----

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