N.Y. Public Authorities Law Section 3242
State and local governments not liable on bonds and notes

3231
Short title 3232
Definitions 3233
New York local government assistance corporation 3234
Administration of the corporation 3235
General powers of the corporation 3236
Bonds and notes of the corporation 3237
Capital reserve fund 3238
Payments to local governments 3238–A
Payment to city of New York 3239
Resources of the corporation 3240
Payments to the corporation 3241
Agreement with the state 3241–A
Limitation on issuance of tax and revenue anticipation notes by the state 3242
State and local governments not liable on bonds and notes 3243
Remedies of bondholders and noteholders 3244
Bonds and notes as legal investments 3245
Exemption from taxation 3246
Employees of the corporation 3247
Actions against the corporation 3248
Assistance to the corporation 3249
Preference for actions or proceeding against the corporation