Talk to the municipal bond markets. A bond issued by the MTA is considered a revenue bond. The only source of income to pay the bond holders have is the reven

Talk to the municipal bond markets. A bond issued by the MTA is considered a revenue bond. The only source of income to pay the bond holders have is the revenues of the MTA. A bond issued by New York State is considered a general obligation of the state, with the expectation that New York State will use its tax power to pay the bond holders.