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This entry was published on 2014-09-22
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Agreement of state on authority rights
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 6, TITLE 2
§ 1367. Agreement of state on authority rights. The state of New York
does pledge to and with the bondholders that the state will not limit or
alter the rights hereby vested in the authority to acquire, construct,
maintain, reconstruct and operate a project or projects, to establish
and collect rates, fees, rentals and other charges, and to fulfill the
terms of agreements made with the bondholders, or in any way impair the
rights and remedies of the bondholders until the bonds, together with
interest thereon, with interest on any unpaid installments of interest,
and all costs and expenses in connection with an action or proceeding by
or on behalf of the bondholders are fully met and discharged. No
provision of this title shall be deemed to limit the power of the
legislature to authorize the state or a political subdivision thereof to
acquire properties of the authority and pay the indebtedness thereof.