<[As added by L.1991, c. 592. See, also, Public Authorities Law § 1133, in another title 6-C, post.]>
The state does hereby pledge to and agree with the holders of any bonds issued by
the authority pursuant to this title that the state will not alter or limit the rights
hereby vested in the authority to purchase, construct, maintain, operate, repair,
improve, increase, enlarge, extend, reconstruct, renovate, rehabilitate or dispose
of any project, or any part or parts thereof, for which bonds of the authority shall
have been issued, to establish and collect lease payments, rates, fees and other charges
referred to in this title and to fulfill the terms of any agreement made with or for
the benefit of the holders of the bonds or with any public corporation or person with
reference to such project or part thereof, or in any way impair the rights and remedies
of the bondholders, until the bonds, together with the interest thereon, including
interest on any unpaid installments of interest, and all costs and expenses in connection
with any action or proceeding by or on behalf of such holders, are fully met and discharged;
provided, however, that this section shall not be construed to limit in any manner
the ability of the state to alter, amend or enforce laws or regulations to protect
public health and the environment. The authority is authorized to include this pledge and agreement of the state in
any agreement with bondholders.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.