New York Racing, Pari-mutuel Wagering and Breeding Law
Sec. § 510
State and Participating Counties Not Liable on Bonds and Notes

510. State and participating counties not liable on bonds and notes. The bonds, notes or other obligations of a corporation shall not be a debt of either the state of New York or of any participating county and neither the state nor any county shall be liable thereon, nor shall they be payable out of any funds other than those of the corporation.