Legislation
SECTION 1207-D
Agreement of the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 9
§ 1207-d. Agreement of the state. The state of New York does hereby
pledge to and agree with the holders of the bonds and notes of the
authority that the state will not limit or alter the rights and powers
hereby vested in the authority by this title to fulfill the terms of any
contract made by the authority with such holders or in any way impair
the rights and remedies of such holders until such bonds and notes,
together with interest thereon, with interest on any unpaid installments
of interest, and all costs and expenses in connection with any action or
proceedings 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 contract with the holders of bonds or
notes.
pledge to and agree with the holders of the bonds and notes of the
authority that the state will not limit or alter the rights and powers
hereby vested in the authority by this title to fulfill the terms of any
contract made by the authority with such holders or in any way impair
the rights and remedies of such holders until such bonds and notes,
together with interest thereon, with interest on any unpaid installments
of interest, and all costs and expenses in connection with any action or
proceedings 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 contract with the holders of bonds or
notes.