§ 1500-J — Agreements of New York state

New York § 1500-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 5: City of Buffalo Parking Authority
• Art. 7: Parking Authorities

Text

§ 1500-j. Agreements of New York state. The state does hereby pledge\nto and agree with the holders of any bonds issued by the authority\npursuant to this title and with those persons or public authorities who\nmay enter into contracts with the authority pursuant to the provisions\nof this title that the state will not alter, limit or impair the rights\nvested in the authority by this title to purchase, construct, own and\noperate, maintain, repair, improve, reconstruct, renovate, rehabilitate,\nenlarge, increase and extend, or dispose of any covered project, or any\npart or parts thereof for which bonds of the authority shall have been\nissued, to establish and collect rentals, fees and other charges\nreferred to in this title, to fulfill the terms of any contracts or\nagreements made with or for the benefit of the holders of the bonds, or\nwith any person or public authority with reference to such covered\nproject or part thereof, or in any way to impair the rights and remedies\nof the bondholders, until the bonds, together with interest thereon,\nincluding interest on any unpaid installments of interest and all costs\nand expenses in connection with any action or proceeding by or on behalf\nof the holders of bonds, are fully met and discharged and such contracts\nare fully performed on the part of the authority. The authority is\nauthorized to include this pledge and agreement of the state in any\nagreement with the holders of bonds.\n