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This entry was published on 2014-09-22
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SECTION 1299-K
Agreement of the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11-A
§ 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.