N.Y. Public Authorities Law Section 3016
State or state-aided municipality not liable on notes and bonds

The notes, bonds or other obligations of a municipal assistance corporation shall not be a debt of either the state or the municipality being assisted, and neither the state nor such municipality shall be liable thereon, nor shall they be payable out of any funds other than those of such corporation; and such notes and bonds shall contain on the face thereof a statement to such effect.

Source: Section 3016 — State or state-aided municipality not liable on notes and bonds, https://www.­nysenate.­gov/legislation/laws/PBA/3016 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 3016’s source at nysenate​.gov

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