§ 158-A — Covenants of the state

New York § 158-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Jones Beach State Parkway Authority
• Art. 2: Park, Parkway and Highway Authorities

Text

* § 158-a. Covenants of the state. 1. The state of New York does\npledge to and agree with the holders of any bonds issued pursuant to\nthis act after January first, nineteen hundred thirty-nine that it will\nnot limit or alter the rights hereby vested in the authority to\nconstruct, reconstruct, operate and maintain the parkway, bridges and\nother improvements, or any of them, and to collect revenues therefrom as\nauthorized in this title insofar as such rights may be necessary in\norder that the authority may fulfill the terms of any agreements made\nwith the holders of such bonds and that it will not in any way impair\nthe rights and remedies of the holders of such bonds until the bonds,\ntogether with interest thereon, with interest on any unpaid installments\nof principal and interest and all costs and expenses in connection with\nany suits, actions or proceedings by or on behalf of the bondholders are\nfully met and discharged.\n 2. The state of New York does pledge to and agree with the holders of\nany bonds issued pursuant to this title after January first, nineteen\nhundred thirty-nine which are secured by a pledge of the revenues of\nJones Beach parkway that it will not authorize or permit the\nconstruction or maintenance of any parkway, causeway, bridge, tunnel,\nstreet, road, highway or other connection for vehicular traffic which\nwill be competitive with Jones Beach parkway until such bonds together\nwith interest thereon, with interest on any unpaid installments of\nprincipal and interest and all costs and expenses in connection with any\nsuits, actions or proceedings by or on behalf of the bondholders are\nfully met and discharged; provided that a parkway, causeway, bridge,\ntunnel, street, road, highway or other connection for vehicular traffic\nshall be considered as competitive only if it shall form a connection\nfor vehicular traffic between the mainland of Long Island and the island\nof Long Beach east of the most easterly point of the present city of\nLong Beach or between the mainland of Long Island and the island on\nwhich Jones Beach park is located west of the most easterly point of Oak\nisland, or between the island of Long Beach and the island on which\nJones Beach park is located.\n 3. The state of New York does pledge to and agree with the holders of\nany bonds issued pursuant to this title after January first, nineteen\nhundred thirty-nine which are secured by a pledge of the revenues of\nCaptree bridge, that it will not authorize or permit the construction or\nmaintenance of any parkway, causeway, bridge, tunnel, street, road,\nhighway or other connection for vehicular traffic which shall be\ncompetitive with Captree bridge until such bonds, together with interest\nthereon, with interest on any unpaid installments of principal and\ninterest, and all costs and expenses in connection with any suits,\nactions or proceedings, by or on behalf of the bondholders, are fully\nmet and discharged; provided that a parkway, causeway, bridge, tunnel,\nstreet, road, highway or other connection for vehicular traffic shall be\nconsidered as competitive only if it shall form a connection for\nvehicular traffic across Great South bay between the mainland on Long\nIsland and either the island of Jones Beach or Fire island beach east of\nWantagh state parkway and west of Smith point.\n * NB (Authority abolished June 30, 1978)\n