Common use of No Recourse Under Indenture or on Bonds Clause in Contracts

No Recourse Under Indenture or on Bonds. All covenants, stipulations, promises, agreements and obligations of the Authority continued in this Indenture shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the Authority and not of any board member, officer or employee of the Authority or members of the Authority in their individual capacity, and no recourse shall be had for the payment of the principal or Redemption Price of or interest on the Bonds or for any claim based thereon or on this Indenture against any Board member, officers or employee of the Authority or members of the Authority or any person executing the Bonds.

No Recourse Under Indenture or on Bonds. All covenants, stipulations, promises, agreements and obligations of the Authority continued in this Indenture shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the Authority and not of any board member, officer or employee of the Authority or members of the Authority in their his individual capacity, and no recourse shall be had for the payment of the principal or Redemption Price of or interest on the Bonds or for any claim based thereon or on this Indenture against any Board member, officers or employee of the Authority or members of the Authority or any person executing the Bonds.

No Recourse Under Indenture or on Bonds. All covenants, stipulations, promises, agreements and obligations of the Authority continued in this Indenture shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the Authority and not of any board member, officer or employee of the Authority or members member of the Authority in their his individual capacity, and no recourse shall be had for the payment of the principal or Redemption Price of or interest on the Bonds or for any claim based thereon or on this Indenture against any Board member, officers or employee of the Authority or members member of the Authority or any person executing the Bonds.