New York § 1020-O Agreement of the state

New York Statutes

§ 1020-O — Agreement of the state

New York § 1020-O

Law PBAPublic Authorities

Title 1-ALong Island Power Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1020-O (2026).

Text

* § 1020-o. Agreement of the state.

1.The state of New York does\nhereby pledge to and agree with the holders of any obligations issued\nunder this title and the parties to any contracts with the authority\nhereunder that the state will not limit or alter the rights hereby\nvested in the authority until such obligations together with the\ninterest thereon are fully met and discharged and/or such contracts are\nfully performed on the part of the authority, provided that nothing\nherein contained shall preclude such limitation or alteration if and\nwhen adequate provision shall be made by law for the protection of the\nholders of such obligations of the authority, or those entering into\nsuch contracts with the authority. The authority as agent for the state\nis authorized to include this

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* § 1020-o. Agreement of the state. 1. The state of New York does\nhereby pledge to and agree with the holders of any obligations issued\nunder this title and the parties to any contracts with the authority\nhereunder that the state will not limit or alter the rights hereby\nvested in the authority until such obligations together with the\ninterest thereon are fully met and discharged and/or such contracts are\nfully performed on the part of the authority, provided that nothing\nherein contained shall preclude such limitation or alteration if and\nwhen adequate provision shall be made by law for the protection of the\nholders of such obligations of the authority, or those entering into\nsuch contracts with the authority. The authority as agent for the state\nis authorized to include this pledge and agreement by the state in all\nagreements with the holders of such obligations and in all such\ncontracts.\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 * NB There are 2 § 1020-o's\n