New York Statutes
§ 3016 — State or state-aided municipality not liable on notes and bonds
New York·Law PBA Public Authorities·Title 2 General Provisions Relating to Municipal Assistance Corporations·Art. 10 New York State Municipal Assistance Corporation Act
§ 3016. State or state-aided municipality not liable on notes and\nbonds. The notes, bonds or other obligations of a municipal assistance\ncorporation shall not be a debt of either the state or the municipality\nbeing assisted, and neither the state nor such municipality shall be\nliable thereon, nor shall they be payable out of any funds other than\nthose of such corporation; and such notes and bonds shall contain on the\nface thereof a statement to such effect.\n
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