Legislation
SECTION 1020-L
State and municipalities not liable on bonds or notes
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 1-A
* § 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
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