New York § 1199-NN*2 Agreement of the state

New York Statutes

§ 1199-NN*2 — Agreement of the state

New York § 1199-NN*2

Law PBAPublic Authorities

Title 8-E*Orange County Water Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1199-NN*2 (2026).

Text

  * § 1199-nn. Agreement of 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 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 rates, fees and other charges referred to in this title and\nto fulfill the terms of any agreement made with or for the benefit of\nthe holders of the bonds or with any public corporation or person with\nreference to such project or part thereof, or in any way impair the\nrights and remedies

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* § 1199-nn. Agreement of 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 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 rates, fees and other charges referred to in this title and\nto fulfill the terms of any agreement made with or for the benefit of\nthe holders of the bonds or with any public corporation or person with\nreference to such project or part thereof, or in any way impair the\nrights and remedies of the bondholders, until the bonds, together with\nthe interest thereon, including interest on any unpaid installments of\ninterest, and all costs and expenses in connection with any action or\nproceeding by or on behalf of such holders, are fully met and\ndischarged. The authority is authorized to include this pledge and\nagreement of the state in any agreement with bondholders.\n * NB There are 2 § 1199-nn's\n