Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1011
Agreement of the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 1
§ 1011. Agreement of the state. 1. The state of New York does hereby
pledge to and agree with the holders of any obligations issued under
this title, and with those parties who may enter into contracts with the
authority pursuant to the provisions in sub-paragraph five or six of
section one thousand five above, that the state will not limit or alter
the rights hereby vested in the authority until such obligations
together with the interest thereon are fully met and discharged and/or
such contracts are fully performed on the part of the authority,
provided that nothing herein contained shall preclude such limitation or
alteration if and when adequate provision shall be made by law for the
protection of the holders of such obligations of the authority or those
entering into such contracts with the authority. The authority as agent
for the state is authorized to include this pledge and undertaking for
the state in such obligations or contracts.

2. Nothing in this title shall be construed as diminishing or
enlarging any valid existing rights under any license heretofore issued
pursuant to the provisions of the federal power act.