N.Y. Public Authorities Law 2049-JJ – State, counties and municipalities not liable on authority bonds
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§ 2049-jj. State, counties and municipalities not liable on authority bonds. Neither the state, the counties nor any other muncipality or public corporation shall be liable on the bonds of the authority and such bonds shall not be a debt of the state, the counties or any other municipality or public corporation, and such bond shall contain on the face thereof, a statement to such effect.
Terms Used In N.Y. Public Authorities Law 2049-JJ
- 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.