§ 63. Liability of state or municipality. The bonds or other obligations of the Utica transit authority shall not be a debt of the state or a municipality and neither the state nor a municipality shall be liable thereon nor shall the Utica transit authority have power in any way to pledge the credit of the state or a municipality, nor shall the transfer from the Utica transit authority to a municipality or the vesting in a municipality of property theretofore belonging to the Utica transit authority impose upon the municipality any obligations except such as it may expressly assume.