ยง 3242. State and local governments not liable on bonds and notes.
The notes, bonds or other obligations of the corporation shall not be a
debt of the state or of any local government, and neither the state nor
any local government shall be liable thereon, nor shall they be payable
out of any funds other than those of the corporation; and such bonds and
notes shall contain on the face thereof a statement to such effect.
Structure New York Laws
Title 4 - New York Local Government Assistance Coporation
3233 - New York Local Government Assistance Corporation.
3234 - Administration of the Corporation.
3235 - General Powers of the Corporation.
3236 - Bonds and Notes of the Corporation.
3238 - Payments to Local Governments.
3238-A - Payment to City of New York.
3239 - Resources of the Corporation.
3240 - Payments to the Corporation.
3241 - Agreement With the State.
3241-A - Limitation on Issuance of Tax and Revenue Anticipation Notes by the State.
3242 - State and Local Governments Not Liable on Bonds and Notes.
3243 - Remedies of Bondholders and Noteholders.
3244 - Bonds and Notes as Legal Investments.
3245 - Exemption From Taxation.
3246 - Employees of the Corporation.
3247 - Actions Against the Corporation.
3248 - Assistance to the Corporation.
3249 - Preference for Actions or Proceeding Against the Corporation.