N.Y. PBG Law § 51
This is the official text of N.Y. PBG Law § 51, part of New York’s PBG Law — part of the compiled statutory law of New York, published by the state as "PBG Law." Browse the sections below, each linked to its official government source.
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Liability of state or municipality
Official statutory text
§ 51. Liability of state or municipality. 1. The bonds or other\nobligations of an authority shall not be a debt of the state or the\nmunicipality and neither the state nor the municipality shall be liable\nthereon nor shall an authority have power in any way to pledge the\ncredit of the state or the municipality, nor shall the transfer from the\nauthority to the municipality or the vesting in the municipality of\nproperty theretofore belonging to an authority impose upon the\nmunicipality any obligations except such as it may expressly assume. The\nforegoing provisions shall not apply in the event of a guaranty by a\nmunicipality of the bonds or obligations of an authority.\n 2. Notwithstanding the provisions of the foregoing paragraph, a\nmunicipality shall be liable for the repayment of any loans and interest\nthereon made by the state to an authority, acting as an instrumentality\nof such municipality.\n
Status: in_force · Read it on the official government site
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