§ 64823

(a) The agency or any person executing the bonds issued pursuant to this title shall not be personally liable on the bonds by reason of their issuance.

(b) The bonds and other obligations of the agency are not a debt of any city or Los Angeles County, or any of its affiliated entities, or of the state or of any of its political subdivisions, other than the agency, and neither a city or county nor the state or any of its political subdivisions, other than the agency, shall be liable on the bonds, and the bonds or obligations shall be payable exclusively from funds or properties of the agency, as specified in the applicable bond or other debt instrument. Bonds issued pursuant to this title shall contain a statement to this effect on their face.

(c) If the signature of any member of the agency or staff member of the agency appears on bonds issued pursuant to this title, and that individual ceases to be a member of the agency or staff member of the agency before delivery of the bonds, that member’s signature shall be as effective as if the member had remained in office.

(Added by Stats. 2022, Ch. 661, Sec. 1. (SB 679) Effective January 1, 2023.)