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N.Y. PBA Law § 1133*2

This is the official text of N.Y. PBA Law § 1133*2, part of New York’s PBA Law — part of the compiled statutory law of New York, published by the state as "PBA Law." Browse the sections below, each linked to its official government source.

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Agreement of the state

Official statutory text

* § 1133. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis title that the state will not alter or limit the rights hereby\nvested in the authority to purchase, construct, maintain, operate,\nrepair, improve, increase, enlarge, extend, reconstruct, renovate,\nrehabilitate or dispose of any project, or any part or parts thereof,\nfor which bonds of the authority shall have been issued, to establish\nand collect lease payments, rates, fees and other charges referred to in\nthis title and to fulfill the terms of any agreement made with or for\nthe benefit of the holders of the bonds or with any public corporation\nor person with reference to such project or part thereof, or in any way\nimpair the rights and remedies of the bondholders, until the bonds,\ntogether with the interest thereon, including interest on any unpaid\ninstallments of interest, and all costs and expenses in connection with\nany action or proceeding by or on behalf of such holders, are fully met\nand discharged; provided, however, that this section shall not be\nconstrued to limit in any manner the ability of the state to alter,\namend or enforce laws or regulations to protect public health and the\nenvironment. The authority is authorized to include this pledge and\nagreement of the state in any agreement with bondholders.\n * NB There are 2 § 1133's\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.