New York § 1392 Agreement of state on authority rights

New York Statutes

§ 1392 — Agreement of state on authority rights

New York § 1392

Law PBAPublic Authorities

Title 3Ogdensburg Port Authority

Art. 6Port Authorities

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Bluebook

N.Y. Public Authorities § 1392 (2026).

Text

  § 1392. Agreement of state on authority rights. The state of New York\ndoes pledge to and with the bondholders that the state will not limit or\nalter the rights hereby vested in the authority to acquire, construct,\nmaintain, reconstruct and operate a project or projects, to establish\nand collect rates, fees, rentals and other charges, and to fulfill the\nterms of agreements made with the bondholders, or in any way impair the\nrights and remedies of the bondholders until the bonds, together with\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses in connection with an action or proceeding by\nor on behalf of the bondholders are fully met and discharged. No\nprovision of this title shall be deemed to limit the power of the\nlegislature to

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§ 1392. Agreement of state on authority rights. The state of New York\ndoes pledge to and with the bondholders that the state will not limit or\nalter the rights hereby vested in the authority to acquire, construct,\nmaintain, reconstruct and operate a project or projects, to establish\nand collect rates, fees, rentals and other charges, and to fulfill the\nterms of agreements made with the bondholders, or in any way impair the\nrights and remedies of the bondholders until the bonds, together with\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses in connection with an action or proceeding by\nor on behalf of the bondholders are fully met and discharged. No\nprovision of this title shall be deemed to limit the power of the\nlegislature to authorize the state or a political subdivision thereof to\nacquire properties of the authority and pay the indebtedness thereof.\n