Section 1020-L. State and municipalities not liable on bonds or notes  


Latest version.
  • 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