§ 1-C — General rights and prohibitions

§ 1-c. General rights and prohibitions. (a) Neither the city of Troy\nnor any covered organization shall borrow or expend any moneys, or in\nany way, directly or indirectly, expressly or implicitly engage its\ncredit during any emergency period except in compliance with the\nprovisions of this act.\n (b) Nothing contained in this act shall limit the right of the city of\nTroy or any covered organization to comply with the provisions of any\nexisting contract with or for the benefit of the holders of any bonds or\nnotes of the city of Troy or such covered organization.\n