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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 3, TITLE 2
§ 533. Agreement of the state. The state of New York does pledge to
and agree with the holders of any bonds or notes that the state will not
authorize the construction or maintenance of any additional highway
crossings for vehicular traffic over, under or across the waters of the
Hudson river in addition to the bridges authorized by this title which
will be competitive with the bridges, nor will it limit or alter the
rights hereby vested in the authority to establish and collect such
charges and tolls as may be convenient or necessary to produce
sufficient revenue to meet the expense of maintenance and operation and
to fulfill the terms of any agreement made with the holders of the bonds
or notes, or in any way impair the rights and remedies of bondholders or
noteholders, until the bonds and notes, together with interest thereon,
with interest on any unpaid installments of interest, and all costs and
expenses in connection with any actions or proceedings by or on behalf
of the bondholders or noteholders, are fully met and discharged. For the
purposes of this section, any such crossing shall be considered as
competitive only if it shall form a connection for vehicular traffic
over, under or across the Hudson river south of a line drawn across the
Hudson river fifteen miles north of the Rip Van Winkle bridge, and north
of the Bear Mountain bridge.