New York § 1570-I Agreement with state

New York Statutes

§ 1570-I — Agreement with state

New York § 1570-I

Law PBAPublic Authorities

Title 8-AHarrison Parking Authority

Art. 7Parking Authorities

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Bluebook

N.Y. Public Authorities § 1570-I (2026).

Text

  § 1570-i. Agreement with state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis title and with those persons or public authorities who may enter\ninto contracts with the authority pursuant to the provisions of this\ntitle that the state will not alter, limit or impair the rights vested\nin the authority by this title to purchase, construct, own and operate,\nmaintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,\nincrease and extend, or dispose of any project, or any part or parts\nthereof for which bonds of the authority shall have been issued, to\nestablish and collect rates, rents, fees and other charges referred to\nin this title, to fulfill the terms of any contracts or agreements made\nwith or for 

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§ 1570-i. Agreement with state. The state does hereby pledge to and\nagree with the holders of any bonds issued by the authority pursuant to\nthis title and with those persons or public authorities who may enter\ninto contracts with the authority pursuant to the provisions of this\ntitle that the state will not alter, limit or impair the rights vested\nin the authority by this title to purchase, construct, own and operate,\nmaintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,\nincrease and extend, or dispose of any project, or any part or parts\nthereof for which bonds of the authority shall have been issued, to\nestablish and collect rates, rents, fees and other charges referred to\nin this title, to fulfill the terms of any contracts or agreements made\nwith or for the benefit of the holders of bonds or with any person or\npublic authority with reference to such project or part thereof, or in\nany way to impair the rights and remedies of the holders of bonds, until\nthe bonds, together with interest thereon, including interest on any\nunpaid installments of interest, and all costs and expenses in\nconnection with any action or proceeding by or on behalf of the holders\nof bonds, are fully met and discharged and such contracts are fully\nperformed on the part of the authority. The authority is authorized to\ninclude this pledge and agreement of the state in any agreement with the\nholders of bonds. Nothing contained in this title shall be deemed to\nrestrict the right of the state to amend, modify, repeal or otherwise\nalter laws, ordinances, resolutions or agreements imposing or relating\nto taxes or fees, or appropriations relating thereto. There shall not be\nincluded in any resolution, contract or agreement with holders of the\nbonds or other obligations any provision which provides that a default\nshall occur as a result of the state exercising its right to amend,\nrepeal, modify or otherwise alter such laws, ordinances, resolutions or\nagreements.\n