1299-k. Agreement of the state. --The state does hereby pledge to and agree with the holders of any notes or bonds issued under this title, that the state will not limit or alter the rights hereby vested in the authority to acquire, establish, construct, effectuate, operate, maintain, renovate, improve, extend or repair any authority facilities, to establish, levy and collect fares, tolls, rentals, rates, charges and other fees, to receive and use for its corporate purposes, in the same manner as its own funds and revenues, all moneys directed by law to be paid to it by the Buffalo and Fort Erie public bridge authority, and to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of such holders until such notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses for which the authority is liable in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds.
Last modified: February 3, 2019