§ 3241 — Agreement with the state

New York § 3241

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: New York Local Government Assistance Corporation
• Art. 10-B: Title

Text

§ 3241. Agreement with the state. 1. The state does hereby pledge to\nand agree with the holders of any bonds or notes issued under this title\nand with the providers of any bond or note facilities that the state\nwill not limit or alter the rights hereby vested in the corporation to\nfulfill the terms of any agreements made with the said holders or the\nsaid providers, or in any way impair the rights and remedies of such\nholders or providers until such bonds and notes, together with the\ninterest thereon, with interest on any unpaid installments of interest,\nand all obligations of the corporation to such providers, and all costs\nand expenses in connection with any action or proceeding by or on behalf\nof such holders or providers, are fully met and discharged. The\ncorporation is authorized to include this pledge and agreement of the\nstate in any agreement with the holders of such bonds or notes or with\nany such providers.\n 2. In order to induce prospective purchasers to purchase bonds and\nnotes of the corporation, the state hereby further pledges and agrees\nwith the holders of bonds and notes of the corporation that, while any\nbonds or notes of the corporation are outstanding, the state will abide\nby and not amend the provisions of section three thousand two hundred\nforty-one-a of this title other than amendments which implement or\nclarify any ambiguity in its terms in ways that do not have a material\nadverse effect on the protections established in such section. The\ncorporation shall include the pledge and agreement set forth herein in\nany agreement with the holders of its bonds and notes.\n