§ 2669-A — Agreement with state

New York § 2669-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 28-B: Schenectady Metroplex Development Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2669-a. 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 secured by a pledge, and with those persons or public\nauthorities who may enter into contracts with the authority pursuant to\nthe provisions of this title that the state will not alter, limit or\nimpair the rights hereby vested in the authority to purchase, construct,\nown and operate, maintain, repair, improve, reconstruct, renovate,\nrehabilitate, enlarge, increase and extend, or dispose of any project,\nor any part or parts thereof for which bonds of the authority shall have\nbeen issued, to establish and collect rates, rents, fees and other\ncharges referred to in this title, to fulfill the terms of any contracts\nor agreements made with or for the benefit of the holders of bonds or\nwith any person or public authority with reference to such project or\npart thereof, or in any way to impair the rights and remedies of the\nholders of bonds, 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. Nothing contained in this title\nshall be deemed to restrict the right of the state to amend, modify,\nrepeal or otherwise alter statutes imposing or relating to taxes or fees\nor appropriations relating thereto. The authority shall not include in\nany resolution, contract or agreement with the holders of its bonds, or\nsuch persons or public authorities who may enter into contracts with the\nauthority, any provision stating that, as a result of the state\nexercising its right to amend, repeal, modify or otherwise alter any\nsuch tax, fee or appropriation a default will occur. Nothing in this\ntitle shall be deemed to obligate the state to make additional payments\nor impose any taxes to satisfy the debt service obligations of the\nauthority.\n