New York § 1115-S Agreement of the state

New York Statutes

§ 1115-S — Agreement of the state

New York § 1115-S

Law PBAPublic Authorities

Title 6Albany Municipal Water Finance Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1115-S (2026).

Text

  § 1115-s. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis 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 the bonds, or\nin any way impair the rights and remedies of the bondholders, until the\nbonds, together 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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§ 1115-s. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis 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 the bonds, or\nin any way impair the rights and remedies of the bondholders, until the\nbonds, together 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