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This entry was published on 2014-09-22
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Agreement of the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 16
§ 2350-l. Agreement of the state. The state does hereby pledge to and
agree with the holders of any bonds issued by the agency pursuant to
this title that the state will not alter or limit the rights hereby
vested in the agency 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 agency shall have been issued, to establish and collect lease
payments, 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
and such contracts are fully performed on the part of the agency. The
agency is authorized to include this pledge and agreement of the state
in any agreement with bondholders.