N.Y. Public Authorities Law 3016 – State or state-aided municipality not liable on notes and bonds
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§ 3016. State or state-aided municipality not liable on notes and bonds. The notes, bonds or other obligations of a municipal assistance corporation shall not be a debt of either the state or the municipality being assisted, and neither the state nor such municipality shall be liable thereon, nor shall they be payable out of any funds other than those of such corporation; and such notes and bonds shall contain on the face thereof a statement to such effect.
Terms Used In N.Y. Public Authorities Law 3016
- 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.
- Municipality: means any city in the state. See N.Y. Public Authorities Law 3003
- notes: means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article. See N.Y. Public Authorities Law 3003
- Obligations: means bonds and notes. See N.Y. Public Authorities Law 3003
- State: means the state of New York. See N.Y. Public Authorities Law 3003