N.Y. City of Troy Issuance of Serial Bonds § 1-c: General rights and prohibitions

§ 1-c. General rights and prohibitions. (a) Neither the city of Troy

nor any covered organization shall borrow or expend any moneys, or in

any way, directly or indirectly, expressly or implicitly engage its

credit during any emergency period except in compliance with the

provisions of this act.

(b) Nothing contained in this act shall limit the right of the city of

Troy or any covered organization to comply with the provisions of any

existing contract with or for the benefit of the holders of any bonds or

notes of the city of Troy or such covered organization.