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This entry was published on 2014-09-22
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SECTION 1199-MMM
Agreement with the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 8-F
§ 1199-mmm. Agreement with the state. 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 rates, rents, 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. The authority is authorized to include this pledge and
agreement of the state in any agreement with bondholders.