New York § 1174-M Agreement with the state

New York Statutes

§ 1174-M — Agreement with the state

New York § 1174-M

Law PBAPublic Authorities

Title 7-AWater Authority of Southeastern Nassau County

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1174-M (2026).

Text

  § 1174-m. 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 to fulfill the terms of any agreement made with\nor for the benefit of the holders of bonds or in any way impair the\nrights and remedies of bondholders until the bonds together with the\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses in connection with any action or proceeding\nby or on behalf of such holders, are fully met and discharged. The\nauthority is authorized to include this pledge and agreement of the\nstate in any agreement with bondholders.\n

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§ 1174-m. 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 to fulfill the terms of any agreement made with\nor for the benefit of the holders of bonds or in any way impair the\nrights and remedies of bondholders until the bonds together with the\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses in connection with any action or proceeding\nby or on behalf of such holders, are fully met and discharged. The\nauthority is authorized to include this pledge and agreement of the\nstate in any agreement with bondholders.\n