New York § 3242 State and local governments not liable on bonds and notes

New York Statutes

§ 3242 — State and local governments not liable on bonds and notes

New York § 3242

Law PBAPublic Authorities

Title 4New York Local Government Assistance Corporation

Art. 10-BTitle

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Bluebook

N.Y. Public Authorities § 3242 (2026).

Text

  § 3242. State and local governments not liable on bonds and notes.\nThe notes, bonds or other obligations of the corporation shall not be a\ndebt of the state or of any local government, and neither the state nor\nany local government shall be liable thereon, nor shall they be payable\nout of any funds other than those of the corporation; and such bonds and\nnotes shall contain on the face thereof a statement to such effect.\n

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§ 3242. State and local governments not liable on bonds and notes.\nThe notes, bonds or other obligations of the corporation shall not be a\ndebt of the state or of any local government, and neither the state nor\nany local government shall be liable thereon, nor shall they be payable\nout of any funds other than those of the corporation; and such bonds and\nnotes shall contain on the face thereof a statement to such effect.\n