§ 1133*2 — Agreement of the state

New York § 1133*2

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 6-C*: Dutchess County Water and Wastewater Authority
• Art. 5: Public Utility Authorities

Text

* § 1133. 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 to purchase, construct, maintain, operate,\nrepair, improve, increase, enlarge, extend, reconstruct, renovate,\nrehabilitate or dispose of any project, or any part or parts thereof,\nfor which bonds of the authority shall have been issued, to establish\nand collect lease payments, rates, fees and other charges referred to in\nthis title and to fulfill the terms of any agreement made with or for\nthe benefit of the holders of the bonds or with any public corporation\nor person with reference to such project or part thereof, or in any way\nimpair the rights and remedies of the bondholders, until the bonds,\ntogether with the interest thereon, including 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; provided, however, that this section shall not be\nconstrued to limit in any manner the ability of the state to alter,\namend or enforce laws or regulations to protect public health and the\nenvironment. The authority is authorized to include this pledge and\nagreement of the state in any agreement with bondholders.\n * NB There are 2 § 1133's\n