New York § 3658 Agreement with the state

New York Statutes

§ 3658 — Agreement with the state

New York § 3658

Law PBAPublic Authorities

Title 1Nassau County Interim Finance Authority

Art. 10-DMiscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 3658 (2026).

Text

  § 3658. Agreement with the state. The state does hereby pledge to and\nagree with the holders of any issue of bonds issued by the authority\npursuant to this title and secured by such a pledge that the state will\nnot limit, alter or impair the rights hereby vested in the authority to\nfulfill the terms of any agreements made with such holders pursuant to\nthis title, or in any way impair the rights and remedies of such holders\nor the security for such bonds until such bonds, together with the\ninterest thereon and all costs and expenses in connection with any\naction or proceeding by or on behalf of such holders, are fully paid and\ndischarged. The authority is authorized to include this pledge and\nagreement of the state in any agreement with the holders of such bonds.\nNothing contai

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§ 3658. Agreement with the state. The state does hereby pledge to and\nagree with the holders of any issue of bonds issued by the authority\npursuant to this title and secured by such a pledge that the state will\nnot limit, alter or impair the rights hereby vested in the authority to\nfulfill the terms of any agreements made with such holders pursuant to\nthis title, or in any way impair the rights and remedies of such holders\nor the security for such bonds until such bonds, together with the\ninterest thereon and all costs and expenses in connection with any\naction or proceeding by or on behalf of such holders, are fully paid and\ndischarged. The authority is authorized to include this pledge and\nagreement of the state in any agreement with the holders of such bonds.\nNothing contained in this title shall be deemed to restrict the right of\nthe state to amend, modify, repeal or otherwise alter statutes imposing\nor relating to taxes or fees, or appropriations relating thereto. The\nauthority shall not include within any resolution, contract or agreement\nwith holders of the bonds issued under this title any provision which\nprovides that a default occurs as a result of the state exercising its\nright to amend, repeal, modify or otherwise alter such taxes, fees, or\nappropriations. 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 authority.\n