§ 1230-R — Agreement with the state

New York § 1230-R

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 10-B: Niagara Falls Public Water Authority
• Art. 5: Public Utility Authorities

Text

§ 1230-r. 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 or the water board, pursuant to\nthe provisions of this title that the state will not alter, limit or\nimpair the rights hereby vested in the authority or the water board to\npurchase, construct, own and operate, maintain, repair, improve,\nreconstruct, renovate, rehabilitate, enlarge, increase and extend, or\ndispose of any project, or any part or parts thereof for which bonds of\nthe authority shall have been issued, to establish and collect rates,\nrents, fees and other charges referred to in this title, to fulfill the\nterms of any contracts or agreements made with or for the benefit of the\nholders of bonds or with any person or public corporation with reference\nto such project or part thereof, or in any way to impair the rights and\nremedies of the holders of bonds, until the bonds, together with\ninterest 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 the holders of bonds, are fully met and\ndischarged and such contracts are fully performed on the part of the\nauthority or the water board, as the case may be. The authority is\nauthorized to include this pledge and agreement of the state in any\nagreement with the holders of bonds.\n