New York § 1011 Agreement of the state

New York Statutes

§ 1011 — Agreement of the state

New York § 1011

Law PBAPublic Authorities

Title 1Power Authority of the State of New York

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1011 (2026).

Text

§ 1011. Agreement of the state.

1.The state of New York does hereby\npledge to and agree with the holders of any obligations issued under\nthis title, and with those parties who may enter into contracts with the\nauthority pursuant to the provisions in sub-paragraph five or six of\nsection one thousand five above, that the state will not limit or alter\nthe rights hereby vested in the authority until such obligations\ntogether with the interest thereon are fully met and discharged and/or\nsuch contracts are fully performed on the part of the authority,\nprovided that nothing herein contained shall preclude such limitation or\nalteration if and when adequate provision shall be made by law for the\nprotection of the holders of such obligations of the authority or those\nentering into such

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§ 1011. Agreement of the state. 1. The state of New York does hereby\npledge to and agree with the holders of any obligations issued under\nthis title, and with those parties who may enter into contracts with the\nauthority pursuant to the provisions in sub-paragraph five or six of\nsection one thousand five above, that the state will not limit or alter\nthe rights hereby vested in the authority until such obligations\ntogether with the interest thereon are fully met and discharged and/or\nsuch contracts are fully performed on the part of the authority,\nprovided that nothing herein contained shall preclude such limitation or\nalteration if and when adequate provision shall be made by law for the\nprotection of the holders of such obligations of the authority or those\nentering into such contracts with the authority. The authority as agent\nfor the state is authorized to include this pledge and undertaking for\nthe state in such obligations or contracts.\n 2. Nothing in this title shall be construed as diminishing or\nenlarging any valid existing rights under any license heretofore issued\npursuant to the provisions of the federal power act.\n