New York G-L, also known as the New York General Obligations Law, is a comprehensive set of laws that govern the issuance of debt instruments such as bonds, notes, and other evidences of indebtedness in the state of New York. The law is split into seven parts, and it covers a wide range of topics such as bond validation and approval, debt issuance, debt retirement, and disclosure requirements for public debt. There are two primary types of New York G-L: General Obligation Law and Special Obligation Law. General Obligation Law applies to the issuance and sale of general obligation bonds, which are secured by the full faith and credit of the state, while Special Obligation Law applies to the issuance and sale of special obligation bonds, which are secured by a specific revenue source or other pledged sources of repayment. Both types of New York G-L require the approval of the state comptroller in order for them to be valid and enforceable.
New York G-L
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