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N.Y. Tobacco Settlement Financing Corporation Act Law § 7

State not liable on bonds or any ancillary bond facility

New York · New York Tobacco Settlement Financing Corporation Act Law · Status: effective · Effective 2014-09-22

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N.Y. Tobacco Settlement Financing Corporation Act Law § 7, State not liable on bonds or any ancillary bond facility, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1133713
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§ 7. State not liable on bonds or any ancillary bond facility. Neither any bond nor any ancillary bond facility of the corporation shall constitute a debt or moral obligation of the state or a state supported obligation within the meaning of any constitutional or statutory provision or a pledge of the faith and credit of the state or of the taxing power of the state, and the state shall not be liable to make any payments thereon nor shall any bond or any ancillary bond facility be payable out of any funds or assets other than pledged tobacco revenues and other assets, if any, sold to the corporation and other funds and assets of or available to the corporation pledged therefor, and the bonds and any ancillary bond facility of the corporation shall contain on the face thereof or other prominent place thereon a statement to the foregoing effect.