N.Y. Public Authorities Law Section 1021-J
State and municipalities not liable on bonds or notes or other obligations

The securities of the authority shall not be a debt of the state or of any municipality, and neither the state nor any municipality shall be liable thereon. The authority shall not have the power to pledge or restrict the credit, the revenues or the taxing power of the state or of any municipality, and neither the credit, the revenues nor the taxing power of the state or of any municipality shall be or shall be deemed to be pledged to the payment of any securities of the authority. Each evidence of indebtedness of the authority, including the securities of the authority, shall contain a clear and explicit statement of the provisions of this section. Nothing in this article shall be deemed to obligate the state or any municipality to make any payments or impose any taxes to satisfy the debt service obligations of the authority.

Source: Section 1021-J — State and municipalities not liable on bonds or notes or other obligations, https://www.­nysenate.­gov/legislation/laws/PBA/1021-J (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1021-J’s source at nysenate​.gov

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