§ 1813 — Guaranty by the state

New York § 1813

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8: New York Job Development Authority
• Subtitle 2: Financial Assistance From Special Purpose Funds
• Art. 8: Miscellaneous Authorities

Text

§ 1813. Guaranty by the state. To the extent authorized by the\nconstitution at the time of the issuance of the special purpose bonds or\nnotes of the authority, the punctual payment of such special purpose\nbonds and notes shall be, and the same hereby is, fully and\nunconditionally guaranteed by the state, both as to principal and\ninterest, according to their terms; and such guaranty shall be expressed\nupon the face thereof by the signature or facsimile signature of the\ncomptroller or a deputy comptroller. In the event that the authority\nshall fail to pay when due, the principal of, or interest on, such\nspecial purpose bonds or notes, the comptroller shall set apart from the\nfirst revenues thereafter received, applicable to the general fund of\nthe state, a sum sufficient to pay such principal or interest, as the\ncase may be, and shall so apply the moneys thus set apart and thereupon\nthe state shall be subrogated to the rights of the bondholders or\nnoteholders so paid. The comptroller may be required to set aside and\napply such revenues as aforesaid, at the suit of any holder of such\nbonds or notes.\n