N.Y. Public Authorities Law 3242 – State and local governments not liable on bonds and notes
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§ 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.
Terms Used In N.Y. Public Authorities Law 3242
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.