New York § 1021-K Agreement of the state

New York Statutes

§ 1021-K — Agreement of the state

New York § 1021-K

Law PBAPublic Authorities

Title 1-BNorth Country Power Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1021-K (2026).

Text

  § 1021-k. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds, notes or other obligations issued\nby the authority under this title, that the state will not limit or\nalter the rights hereby vested in the authority to establish and collect\nthe revenues and other charges referred to in this title and to fulfill\nthe terms of any agreements made with or for the benefit of the holders\nof the securities, or in any way impair the rights and remedies of the\nbondholders until such securities are fully met and discharged. The\nauthority is authorized to include this pledge of the state in all\nagreements by the authority with the holders of its securities. Nothing\ncontained in this article shall be deemed to restrict any right of the\nstate or mun

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§ 1021-k. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds, notes or other obligations issued\nby the authority under this title, that the state will not limit or\nalter the rights hereby vested in the authority to establish and collect\nthe revenues and other charges referred to in this title and to fulfill\nthe terms of any agreements made with or for the benefit of the holders\nof the securities, or in any way impair the rights and remedies of the\nbondholders until such securities are fully met and discharged. The\nauthority is authorized to include this pledge of the state in all\nagreements by the authority with the holders of its securities. Nothing\ncontained in this article shall be deemed to restrict any right of the\nstate or municipality to amend, modify, repeal or otherwise alter\nstatutes imposing or relating to taxes or fees, or appropriations\nrelating thereto. The authority shall not include within any resolution,\ncontract or agreement with holders of the bonds, notes or other\nobligations issued under this article any provision which provides that\na default occurs as a result of the state or of a municipality\nexercising its right to amend, modify, or repeal or otherwise alter any\nstatute imposing or relating to taxes, fees, or appropriations relating\nthereto.\n