51 - Liability of state or municipality.

§  51.  Liability  of  state  or municipality.   1. The bonds or other  obligations of an authority shall not be a debt  of  the  state  or  the  municipality  and neither the state nor the municipality shall be liable  thereon nor shall an authority have power  in  any  way  to  pledge  the  credit of the state or the municipality, nor shall the transfer from the  authority  to  the  municipality  or  the vesting in the municipality of  property  theretofore  belonging  to  an  authority  impose   upon   the  municipality any obligations except such as it may expressly assume. The  foregoing  provisions  shall  not  apply in the event of a guaranty by a  municipality of the bonds or obligations of an authority.    2. Notwithstanding  the  provisions  of  the  foregoing  paragraph,  a  municipality shall be liable for the repayment of any loans and interest  thereon  made by the state to an authority, acting as an instrumentality  of such municipality.