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Official Code of Georgia Annotated

Title 8. BUILDINGS AND HOUSING · Chapter 3. HOUSING GENERALLY · Article 1. HOUSING AUTHORITIES · Part 4. OBLIGATIONS ON BONDS AND LEASES

8-3-71. Bonds not personal liability nor public debt.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    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.#

  2. (b)

    The bonds and other obligations of an authority shall not be a debt of the city, the county, the state, or any political subdivision of the state; and such bonds or obligations shall so state on their face. Neither the city, the county, the state, nor any political subdivision of the state shall be liable on such bonds or other obligations; nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of said authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1937, p. 210, § 14; Ga. L. 1939, p. 126, § 3; Ga. L. 1951, p. 127, § 3; Ga. L. 1959, p. 141, § 3; Ga. L. 1962, p. 734, § 3; Ga. L. 1971, p. 94, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 1005 to 1006; merge action: carried; file SHA-256 5c69f28428d8.