§ 1226-Q — Agreement with the state

New York § 1226-Q

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 10: Upper Mohawk Valley Regional Water Finance Authority
• Art. 5: Public Utility Authorities

Text

§ 1226-q. 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 and with those persons or public corporations who may\nenter into contracts with the authority pursuant to the provisions of\nthis title that the state will not alter, limit or impair the rights\nhereby vested in the authority to purchase, construct, own and operate,\nmaintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,\nincrease and extend, or dispose of any project, or any part or parts\nthereof for which bonds of the authority shall have been issued, to\nestablish and collect rates, rents, fees and other charges referred to\nin this title, to fulfill the terms of any contracts or agreements made\nwith or for the benefit of the holders of bonds or with any person or\npublic corporation with reference to such project or part thereof, or in\nany way to impair the rights and remedies of the holders of bonds, until\nthe bonds, together with interest thereon, including interest on any\nunpaid installments of interest, and all costs and expenses in\nconnection with any action or proceeding by or on behalf of the holders\nof bonds, are fully met and discharged and such contracts are fully\nperformed on the part of the authority. The authority is authorized to\ninclude this pledge and agreement of the state in any agreement with the\nholders of bonds.\n