Public Authorities Law § 3242 · Title 4. New York Local Government Assistance Corporation
State and local governments not liable on bonds and notes
Verbatim from the official edition
Text — Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
§ 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.
Source of truth
- Edition
- Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/PBA3242
- Text hash
- sha256 2c707ab00bdad8d0d888a183f214446db82c6a4152fcc37f9833a4f691044a47
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.