New York § 2442 Agreement of the state

New York Statutes

§ 2442 — Agreement of the state

New York § 2442

Law PBAPublic Authorities

Title 18State of New York Municipal Bond Bank Agency Act

Art. 8Miscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 2442 (2026).

Text

§ 2442. Agreement of the state.

(1)The state of New York does hereby\npledge to and agree with the holders of any bonds, notes or tax lien\ncollateralized securities issued under this title that the state will\nnot limit or alter the rights hereby vested in the agency to fulfill the\nterms of any agreements made with the holders thereof, or in any way\nimpair the rights and remedies of such holders until such bond, notes or\ntax lien collateralized securities together with the interest thereon,\nwith interest on any unpaid installments of interest, and all costs and\nexpenses in connection with any action or proceedings by or on behalf of\nsuch holders, are fully met and discharged. The agency is authorized to\ninclude this pledge and agreement of the state in any agreement with the\nho

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§ 2442. Agreement of the state. (1) The state of New York does hereby\npledge to and agree with the holders of any bonds, notes or tax lien\ncollateralized securities issued under this title that the state will\nnot limit or alter the rights hereby vested in the agency to fulfill the\nterms of any agreements made with the holders thereof, or in any way\nimpair the rights and remedies of such holders until such bond, notes or\ntax lien collateralized securities together with the interest thereon,\nwith interest on any unpaid installments of interest, and all costs and\nexpenses in connection with any action or proceedings by or on behalf of\nsuch holders, are fully met and discharged. The agency is authorized to\ninclude this pledge and agreement of the state in any agreement with the\nholders of such bonds, notes or tax lien collateralized securities.\nNothing contained in this title shall be deemed to restrict any right of\nthe state to amend, modify, repeal or otherwise alter (a) any provision\nof law relating to state aid, or (b) statutes imposing or relating to\ntaxes or fees, or (c) appropriations relating thereto.\n (2) The agency shall not include within any resolution, contract or\nagreement with holders of the bonds, notes or other obligations issued\nunder this title any provision which provides that a default occurs as a\nresult of the state exercising its right to amend, modify, or repeal or\notherwise alter (a) any provision of law relating to state aid; or (b)\nstatutes imposing or relating to taxes or fees, or (c) appropriations\nrelating thereto. Nothing in this title shall be deemed to obligate the\nstate to make any payments or impose any taxes to satisfy the debt\nservice obligations of the agency.\n