§ 2642-r. State, participating counties, and municipalities not liable for obligations of authority. 1. Neither the state, the participating counties, nor any municipality or public corporation shall be liable on any bond, note or other obligation of the authority, and such bonds, notes or other obligations shall not be debts of the state, the participating counties, nor any municipality or public corporation, and such bonds, notes or other obligations shall contain a statement to such effect.

Terms Used In N.Y. Public Authorities Law 2642-R

  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

2. Nothing in this title shall be construed to obligate the state in any way in connection with the operations and obligations of the authority.

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