State and Municipalities Not Liable on Bonds or Notes.

  1. Law
  2. New York Laws
  3. Public Authorities
  4. Public Utility Authorities
  5. Long Island Power Authority
  6. State and Municipalities Not Liable on Bonds or Notes.

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* § 1020-l. State and municipalities not liable on bonds or notes. The bonds, notes and other obligations of the authority shall not be a debt of the state or of any municipality, and neither the state nor any municipality shall be liable thereon. The authority shall not have the power to pledge the credit, the revenues or the taxing power of the state or of any municipality, and neither the credit, the revenues nor the taxing power of the state or of any municipality shall be, or shall be deemed to be, pledged to the payment of any bonds, notes or other obligations of the authority. Each evidence of indebtedness of the authority, including the bonds and notes of the authority, shall contain a clear and explicit statement of the provisions of this section.

* NB There are 2 § 1020-l's



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