Legislation
SECTION 3016
State or state-aided municipality not liable on notes and bonds
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 10, TITLE 2
§ 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.
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.