N.Y. PBA Law § 1020-L
This is the official text of N.Y. PBA Law § 1020-L, part of New York’s PBA Law — part of the compiled statutory law of New York, published by the state as "PBA Law." Browse the sections below, each linked to its official government source.
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State and municipalities not liable on bonds or notes
Official statutory text
* § 1020-l. State and municipalities not liable on bonds or notes. The\nbonds, notes and other obligations of the authority shall not be a debt\nof the state or of any municipality, and neither the state nor any\nmunicipality shall be liable thereon. The authority shall not have the\npower to pledge the credit, the revenues or the taxing power of the\nstate or of any municipality, and neither the credit, the revenues nor\nthe taxing power of the state or of any municipality shall be, or shall\nbe deemed to be, pledged to the payment of any bonds, notes or other\nobligations of the authority. Each evidence of indebtedness of the\nauthority, including the bonds and notes of the authority, shall contain\na clear and explicit statement of the provisions of this section.\n * NB There are 2 § 1020-l's\n
Status: in_force · Read it on the official government site
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