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This entry was published on 2014-09-22
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SECTION 1271
Agreement of the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
§ 1271. Agreement of the state. The state does hereby pledge to and
agree with the authority and its subsidiaries, New York city transit
authority and its subsidiaries, and Triborough bridge and tunnel
authority, and the holders of any notes, bonds or other obligations,
including lease obligations, issued or incurred under this title, that
the state will not limit or alter the denial of authority under
subdivision nine of section twelve hundred sixty-nine of this title, or
the rights and powers vested in the authority and its subsidiaries, New
York city transit authority and its subsidiaries, and Triborough bridge
and tunnel authority by this title to fulfill the terms of any
agreements made by any of them with the holders thereof, or in any way
impair the rights and remedies of such holders until such notes, bonds
or other obligations, including lease obligations, together with the
interest thereon, with interest on any unpaid installments of interest,
and all costs and expenses for which the authority or its subsidiaries,
New York city transit authority and its subsidiaries, and Triborough
bridge and tunnel authority is liable in connection with any action or
proceeding by or on behalf of such holders, are fully met and
discharged. The authority and its subsidiaries, New York city transit
authority and its subsidiaries, and Triborough bridge and tunnel
authority are each authorized to include this pledge and agreement of
the state in any agreement with the holders of such notes, bonds or
other obligations, including lease obligations.