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This entry was published on 2014-09-22
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Agreement with state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 34
§ 2799-ooo. Agreement with state. The state does hereby pledge to and
agree with the holders of any bonds issued by the authority pursuant to
this title and with those persons or public corporations who may enter
into contracts with the authority pursuant to the provisions of this
title that the state will not alter, limit or impair the rights hereby
vested in the authority to purchase, construct, own and operate,
maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,
increase and extend, or dispose of any project, or any part or parts
thereof, for which bonds of the authority shall have been issued, to
establish and collect rates, rents, fees and other charges referred to
in this title, to fulfill the terms of any contracts or agreements made
with or for the benefit of the holders of bonds or with any person or
public corporation with reference to such project or part thereof, or in
any way to impair the rights and remedies of the holders of bonds, until
the bonds, together with 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 the holders
of bonds, are fully met and discharged and such contracts are fully
performed on the part of the authority. The authority is authorized to
include this pledge and agreement of the state in any agreement with the
holders of bonds.