N.Y. PBA Law § 1392
This is the official text of N.Y. PBA Law § 1392, 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 state on authority rights
Official statutory text
§ 1392. Agreement of state on authority rights. The state of New York\ndoes pledge to and with the bondholders that the state will not limit or\nalter the rights hereby vested in the authority to acquire, construct,\nmaintain, reconstruct and operate a project or projects, to establish\nand collect rates, fees, rentals and other charges, and to fulfill the\nterms of agreements made with the bondholders, or in any way impair the\nrights and remedies of the bondholders until the bonds, together with\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses in connection with an action or proceeding by\nor on behalf of the bondholders are fully met and discharged. No\nprovision of this title shall be deemed to limit the power of the\nlegislature to authorize the state or a political subdivision thereof to\nacquire properties of the authority and pay the indebtedness thereof.\n
Status: in_force · Read it on the official government site
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