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New York Public Authorities - Title 6 - § 3638 Agreement With State

Legal Research Home > New York Laws > New York Public Authorities (PBA) > New York Public Authorities - Title 6 - § 3638 Agreement With State

 
    §  3638.  Agreement  with  state.  The state does hereby pledge to and
  agree with the holders of any bonds issued by the  corporation  pursuant
  to  this  title  and  with  those persons or public corporations who may
  enter into contracts with the corporation pursuant to the provisions  of
  this  title  that  the state will not alter, limit, or impair the rights
  hereby vested  in  the  corporation  to  purchase,  construct,  own  and
  operate, maintain, repair, improve, reconstruct, renovate, rehabilitate,
  enlarge,  increase and extend, or dispose of any project, or any part or
  parts thereof, for which  bonds  of  the  corporation  shall  have  been
  issued,  to  establish and collect rates, rents, fees, and other charges
  referred to in this title, to fulfill the  terms  of  any  contracts  or
  agreements  made with or for the benefit of the holders of bonds or with
  any person or public corporation with reference to such project or  part
  thereof,  or in any way impair the rights and remedies of the holders of
  bonds, until  the  bonds,  together  with  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
  the  holders  of  bonds, are fully met and discharged and such contracts
  are fully performed on the part of the corporation. The  corporation  is
  authorized  to  include  this  pledge  and agreement of the state in any
  agreement with the holders of bonds.

Last modified: February 17, 2012