ยง 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.
Structure New York Laws
Article 10 - New York State Municipal Assistance Corporation Act
Title 2 - General Provisions Relating to Municipal Assistance Corporations
3011 - Administration of a Municipal Assistance Corporation.
3012 - Issuance of Notes and Bonds of a Municipal Assistance Corporation.
3013 - Moneys of a Municipal Assistance Corporation.
3014 - Conditions on Payment of Funds to or Purchase of Obligations of Municipality.
3015 - Agreement With the State.
3016 - State or State-Aided Municipality Not Liable on Notes and Bonds.
3017 - Remedies of Noteholders and Bondholders.
3018 - Notes and Bonds as Legal Investments.
3019 - Exemption From Taxation.
3020 - Actions Against a Municipal Assistance Corporation; Indemnification.
3021 - Assistance by State Officers, Departments, Boards and Commissions.