New York § 1232-L Agreement of the state

New York Statutes

§ 1232-L — Agreement of the state

New York § 1232-L

Law PBAPublic Authorities

Title 10-DNassau County Sewer and Storm Water Finance Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1232-L (2026).

Text

  § 1232-l. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis title that the state will not alter or limit the rights hereby\nvested in the authority to finance or refinance the acquisition, design,\nconstruction, reconstruction, rehabilitation and improvement of\nfacilities and to fulfill the terms of any agreement made with or for\nthe benefit of the holders of the bonds or with any public corporation\nor person with reference to such project or part thereof, or in any way\nimpair the rights and remedies of the bondholders, until the bonds,\ntogether with the interest thereon, including interest on any unpaid\ninstallments of interest, and all costs and expenses in connection with\nany action or proc

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§ 1232-l. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis title that the state will not alter or limit the rights hereby\nvested in the authority to finance or refinance the acquisition, design,\nconstruction, reconstruction, rehabilitation and improvement of\nfacilities and to fulfill the terms of any agreement made with or for\nthe benefit of the holders of the bonds or with any public corporation\nor person with reference to such project or part thereof, or in any way\nimpair the rights and remedies of the bondholders, until the bonds,\ntogether with the interest thereon, including interest on any unpaid\ninstallments of interest, and all costs and expenses in connection with\nany action or proceeding by or on behalf of such holders, are fully met\nand discharged. The state does also hereby pledge to and agree with the\nholders of any bonds issued by the authority pursuant to this title that\nthe state will not alter or limit the rights of the county to assess,\nlevy and collect special assessments within the district or the county's\nability to collect any such charges, rents or fees. The authority is\nauthorized to include this pledge and agreement of the state in any\nagreement with bondholders. Notwithstanding any provision to the\ncontrary, nothing contained in this title shall be deemed to restrict\nthe right of the state or county of Nassau to amend, modify or otherwise\nalter laws, ordinances, resolutions or agreements imposing or relating\nto taxes or fees or appropriations relating thereto. The authority shall\nnot include in any resolution or contract or agreement with the holder\nof its bonds any provision which provides that a default shall occur as\na result of the state or county exercising its right to amend, modify or\notherwise alter laws, ordinances, resolutions or agreements imposing or\nrelating to taxes or fees or appropriations relating thereto.\n