N.Y. Public Authorities Law 2050-JJ – State, towns and municipalities not liable on authority bonds
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§ 2050-jj. State, towns and municipalities not liable on authority bonds. Neither the state, the towns 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, the towns 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 2050-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.