New York § 1299-K Agreement of the state

New York Statutes

§ 1299-K — Agreement of the state

New York § 1299-K

Law PBAPublic Authorities

Title 11-ANiagara Frontier Transportation Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1299-K (2026).

Text

  § 1299-k. Agreement of the state. --The state does hereby pledge to\nand agree with the holders of any notes or bonds issued under this\ntitle, that the state will not limit or alter the rights hereby vested\nin the authority to acquire, establish, construct, effectuate, operate,\nmaintain, renovate, improve, extend or repair any authority facilities,\nto establish, levy and collect fares, tolls, rentals, rates, charges and\nother fees, to receive and use for its corporate purposes, in the same\nmanner as its own funds and revenues, all moneys directed by law to be\npaid to it by the Buffalo and Fort Erie public bridge authority, and to\nfulfill the terms of any agreements made with the holders thereof, or in\nany way impair the rights and remedies of such holders until such notes\nor bo

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§ 1299-k. Agreement of the state. --The state does hereby pledge to\nand agree with the holders of any notes or bonds issued under this\ntitle, that the state will not limit or alter the rights hereby vested\nin the authority to acquire, establish, construct, effectuate, operate,\nmaintain, renovate, improve, extend or repair any authority facilities,\nto establish, levy and collect fares, tolls, rentals, rates, charges and\nother fees, to receive and use for its corporate purposes, in the same\nmanner as its own funds and revenues, all moneys directed by law to be\npaid to it by the Buffalo and Fort Erie public bridge authority, and to\nfulfill the terms of any agreements made with the holders thereof, or in\nany way impair the rights and remedies of such holders until such notes\nor bonds, together with the interest thereon, with interest on any\nunpaid installments of interest, and all costs and expenses for which\nthe authority is liable in connection with any action or proceeding by\nor on behalf of such holders, are fully met and discharged. The\nauthority is authorized to include this pledge and agreement of the\nstate in any agreement with the holders of such notes or bonds.\n