§ 1271 — Agreement of the state

New York § 1271

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 11: Metropolitan Commuter Transportation Authority
• Art. 5: Public Utility Authorities

Text

§ 1271. Agreement of the state. The state does hereby pledge to and\nagree with the authority and its subsidiaries, New York city transit\nauthority and its subsidiaries, and Triborough bridge and tunnel\nauthority, and the holders of any notes, bonds or other obligations,\nincluding lease obligations, issued or incurred under this title, that\nthe state will not limit or alter the denial of authority under\nsubdivision nine of section twelve hundred sixty-nine of this title, or\nthe rights and powers vested in the authority and its subsidiaries, New\nYork city transit authority and its subsidiaries, and Triborough bridge\nand tunnel authority by this title to fulfill the terms of any\nagreements made by any of them with the holders thereof, or in any way\nimpair the rights and remedies of such holders until such notes, bonds\nor other obligations, including lease obligations, together with the\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses for which the authority or its subsidiaries,\nNew York city transit authority and its subsidiaries, and Triborough\nbridge and tunnel authority is liable in connection with any action or\nproceeding by or on behalf of such holders, are fully met and\ndischarged. The authority and its subsidiaries, New York city transit\nauthority and its subsidiaries, and Triborough bridge and tunnel\nauthority are each authorized to include this pledge and agreement of\nthe state in any agreement with the holders of such notes, bonds or\nother obligations, including lease obligations.\n