(1) A member of the board or other person executing a lake authority bond is not liable personally on the bond.
(2)
(a) A bond issued by the lake authority is not a general obligation or liability of the state or any of the state's political subdivisions and does not constitute a charge against the general credit or taxing powers of the state or any of the state's political subdivisions.
(b) A bond issued by the lake authority is not payable out of any funds or properties other than those of the lake authority.
(c) The state and the state's political subdivisions are not and may not be held liable on a bond issued by the lake authority.
(d) A bond issued by the lake authority does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation.
(3) A bond issued by the lake authority under this part is fully negotiable.