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2011 Kentucky Revised Statutes
CHAPTER 80 LOW-COST HOUSING
80.560 No personal or governmental liability on bonds -- Tax exemption.


KY Rev Stat § 80.560 (1996 through Reg Sess) What's This?
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80.560 No personal or governmental liability on bonds -- Tax exemption. Neither the members nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority (and such bonds and obligations shall so state on their face) shall not be a debt of the city, the county, the Commonwealth or any political subdivision thereof and neither the city or the county, nor the Commonwealth or any political subdivision thereof shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Bonds of an authority are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and, together with interest thereon and income therefrom, shall be exempt from taxes. History: Created 1942 Ky. Acts ch. 70, sec. 26.

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