§ 1188 — Agreement of the state

§ 1188. Agreement of the state. The state of New York does pledge to\nand agree with the holders of the bonds that the state will not limit or\nalter the rights hereby vested in the authority to establish and collect\nsuch rates, rentals and other charges as may be convenient or necessary\nto produce sufficient revenue to meet the expense of maintenance and\noperation and to fulfill the terms of any agreements made with the\nholders of the bonds, or in any way impair the rights and remedies of\nbondholders until the bonds, together with the interest thereon, with\ninterest on any unpaid installments of interest, and all costs and\nexpenses in connection with any action or proceedings by or on behalf of\nthe bondholders, are fully met and discharged. From and after the filing\nwith the common council of the city and with the secretary of state of\nthe state of New York of a certificate of completion of the project, as\nprovided in section fourteen hundred four of this chapter, and so long\nas the authority exists, the city shall not be authorized to construct,\noperate or maintain any sewerage system within or without the\nterritorial limits of the city, and no other corporation or agency shall\nbe authorized to construct, operate or maintain any sewerage system\nwithin the city, but all such power shall be vested in the authority.\n