New York § 1048-T Agreement with the state

New York Statutes

§ 1048-T — Agreement with the state

New York § 1048-T

Law PBAPublic Authorities

Title 2-BBuffalo Municipal Water Finance Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1048-T (2026).

Text

  § 1048-t. Agreement with the state. The state does hereby pledge to\nand agree with the holders of any bonds issued by the authority pursuant\nto this title that the state will not alter or limit the rights hereby\nvested in the authority or the water board to fulfill the terms of any\nagreement made with or for the benefit of the holders of bonds, or in\nany way impair the rights and remedies of bondholders, until the bonds,\ntogether with the interest thereon, with 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. The authority is authorized to include this pledge and\nagreement of the state in any agreement with bondholders.\n

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§ 1048-t. Agreement with the state. The state does hereby pledge to\nand agree with the holders of any bonds issued by the authority pursuant\nto this title that the state will not alter or limit the rights hereby\nvested in the authority or the water board to fulfill the terms of any\nagreement made with or for the benefit of the holders of bonds, or in\nany way impair the rights and remedies of bondholders, until the bonds,\ntogether with the interest thereon, with 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. The authority is authorized to include this pledge and\nagreement of the state in any agreement with bondholders.\n