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This entry was published on 2014-09-22
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SECTION 539
Powers of the comptroller
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 3, TITLE 2
§ 539. Powers of the comptroller. Whenever the state and the funds of
which the comptroller is custodian or trustee, or any of them, shall be
the owner of any bonds or notes of the authority the comptroller is
hereby authorized as to any of such bonds or notes: (a) by agreement
with the authority to modify the terms of such bonds or notes or the
terms of any contract affecting or securing such bonds or notes,
provided that no such agreement shall reduce the principal amount of
such bonds or notes or in the opinion of the comptroller jeopardize the
payment of the principal thereof or the interest thereon at the rate
thereafter payable thereon and provided that any agreement relating to
toll rates shall be approved by the commissioner; (b) to sell such bonds
or notes to the authority at a price not less than the principal amount
thereof and accrued interest; (c) to surrender such bonds or notes to
the authority in exchange for other bonds or notes of the authority in a
principal amount not less than the principal amount of the bonds or
notes surrendered, with such cash adjustments as the comptroller may
deem proper; (d) to make such agreements and to do such acts and things
as the comptroller shall deem necessary or convenient to exercise the
powers hereby conferred; provided, however, that nothing done under the
provisions of this section shall in any manner affect the rights of
other bondholders or noteholders.