§ 2799-JJ — Agreement with the city

New York § 2799-JJ

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 33: New York City Transitional Finance Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2799-jj. Agreement with the city. The city is authorized to pledge\nand agree with the holders of any issue of bonds and/or bond\nanticipation notes secured by such a pledge that the city will not limit\nor alter the rights hereby vested in the authority to fulfill the terms\nof any agreements made with such holders pursuant to this title, or in\nany way impair the rights and remedies of such holders or the security\nfor such bonds and/or bond anticipation notes until such bonds and/or\nbond anticipation notes, together with the interest thereon and all\ncosts and expenses in connection with any action or proceeding by or on\nbehalf of such holders, are fully paid and discharged. Nothing contained\nin this section shall be deemed to restrict any right the city may have\nto amend, modify or otherwise alter local laws imposing or relating to\nthe taxes payable to the authority pursuant to subsection (d) of section\neight hundred seventy-three or section thirteen hundred thirteen of the\ntax law so long as, after giving effect to such amendment, modification\nor other alteration, the amount of tax revenues projected by the mayor\nto be available to the authority during each of its fiscal years\nfollowing the effective date of such amendment, modification or other\nalteration shall be not less than one hundred fifty percent of maximum\nannual debt service on authority bonds then outstanding.\n