TITLE III TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
CHAPTER 38-A MUNICIPAL TRANSIT AUTHORITY
Section 38-A:11
38-A:11 Bonds. –
The revenue bonds of the authority shall, upon default in any payment of interest or principal, become a debt of the city or town in which the authority operates. Neither the members of the authority nor any person executing bonds on behalf of the authority shall be personally liable thereon by reason of the issuance thereof. Revenue bonds issued by the authority hereunder shall be authenticated and validated in accordance with the procedure set forth in RSA 33:11, and when validated the judgment of validation shall be final and conclusive with respect to such certificates and against the authority.