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  • SECTION 3241-A
    Limitation on issuance of tax and revenue anticipation notes by the state
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  • TITLE 4
    New York Local Government Assistance Corporation
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  • SECTION 3243
    Remedies of bondholders and noteholders
    • Viewing most recent revision (from 2014-09-22)

    SECTION 3242

    State and local governments not liable on bonds and notes

    Public Authorities (PBA) CHAPTER 43-A, ARTICLE 10-B, TITLE 4

    § 3242. State and local governments not liable on bonds and notes.
    The notes, bonds or other obligations of the corporation shall not be a
    debt of the state or of any local government, and neither the state nor
    any local government shall be liable thereon, nor shall they be payable
    out of any funds other than those of the corporation; and such bonds and
    notes shall contain on the face thereof a statement to such effect.