(1) The duties, responsibilities, funds, liabilities, and expenses of the board under this part shall be maintained wholly separate and apart from the board's other duties, responsibilities, funds, liabilities, and expenses.
(2) A member of the board or a person executing the notes, bonds, or other obligations of the board is not personally liable for the repayment of the note, bond, or other obligation or subject to personal liability or accountability by reason of its issuance or nonissuance.