N.Y. Public Authorities Law 1147-M – State, county and municipalities not liable on bonds of the authority
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§ 1147-m. State, county and municipalities not liable on bonds of the authority. Neither the state, county nor any other municipality or public corporation shall be liable on the bonds of the authority and such bonds shall not be a debt of the state, county or any other municipality or public corporation, and such bonds shall contain, on the face thereof, a statement to such effect.
Terms Used In N.Y. Public Authorities Law 1147-M
- authority: shall mean the corporation created by section eleven hundred forty-seven-c of this title. See N.Y. Public Authorities Law 1147-A
- Bonds: shall mean the bonds, notes or other evidences of indebtedness issued by the authority. See N.Y. Public Authorities Law 1147-A
- 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.
- County: shall mean , unless otherwise specifically stated, the county of Allegany. See N.Y. Public Authorities Law 1147-A
- Municipality: shall mean any city, county, town, village or county or town acting on behalf of an improvement district. See N.Y. Public Authorities Law 1147-A
- State: shall mean the state of New York. See N.Y. Public Authorities Law 1147-A