New York Laws
Title 18 - State of New York Municipal Bond Bank Agency Act
2436-C - Local Public Safety Communications Bonds.

(2) Local public safety communications bonds shall be payable from
funds provided by a municipality for payment thereof as well as any
monies available from special public safety communications agreements.
(3) The agency's public safety communications bonds secured by
payments of principal and interest due with respect to local public
safety communications bonds shall not be a debt of either the state or
any municipality, and neither the state nor any municipality shall be
liable thereon, nor shall they be payable out of any funds other than
those of the agency; and such local public safety communications bonds
shall contain on the face thereof a statement to such effect.
(4) Subject to the provisions of any contract with holders of bonds,
notes or other obligations, proceeds of public safety communications
bonds to be paid to a municipality to purchase its local public safety
communications bonds shall be paid to the municipality and shall not be
commingled with any other money of the agency.
(5) Nothing contained in this title shall be construed to create a
debt of the state within the meaning of any constitutional or statutory
provisions.
(6) (a) A municipality may covenant and agree that the municipality
will not limit, alter or impair the rights hereby vested in the agency
to fulfill the terms of any agreements made with holders of the agency's
public safety communications bonds, the proceeds of which were used to
purchase the municipality's local public safety communications bonds, or
in any way impair the rights and remedies of such holders or the
security for such bonds, until such bonds, together with the interest
thereon and all costs and expenses in connection with any action or
proceeding by or on behalf of such holders, are fully paid and
discharged.
(b) Any such agreement with a municipality may be pledged by the
agency to secure its public safety communications bonds used to purchase
local public safety communications bonds issued by that municipality and
may not be modified thereafter except as provided by the terms of the
pledge or subsequent agreements with the holders of such public safety
communications bonds.