N.Y. TSF Law § 7
This is the official text of N.Y. TSF Law § 7, part of New York’s TSF Law — part of the compiled statutory law of New York, published by the state as "TSF Law." Browse the sections below, each linked to its official government source.
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State not liable on bonds or any ancillary bond facility
Official statutory text
§ 7. State not liable on bonds or any ancillary bond facility. Neither\nany bond nor any ancillary bond facility of the corporation shall\nconstitute a debt or moral obligation of the state or a state supported\nobligation within the meaning of any constitutional or statutory\nprovision or a pledge of the faith and credit of the state or of the\ntaxing power of the state, and the state shall not be liable to make any\npayments thereon nor shall any bond or any ancillary bond facility be\npayable out of any funds or assets other than pledged tobacco revenues\nand other assets, if any, sold to the corporation and other funds and\nassets of or available to the corporation pledged therefor, and the\nbonds and any ancillary bond facility of the corporation shall contain\non the face thereof or other prominent place thereon a statement to the\nforegoing effect.\n
Status: in_force · Read it on the official government site
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