§ 373 — Agreement of the state

New York § 373

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 9: New York State Thruway Authority
• Art. 2: Park, Parkway and Highway Authorities

Text

§ 373. Agreement of the state. 1. The state does pledge to and agree\nwith the holders of notes, bonds, or other obligations of the authority\nnot guaranteed by the state that the state will not limit or alter the\nrights hereby vested in the authority to establish and collect such\nfees, rentals and charges as may be convenient or necessary to produce\nsufficient revenue to meet the expense of maintenance and operation and\nto fulfill the terms of any agreements made with the holders thereof, or\nin any way impair the rights and remedies of such holders until such\nnotes, bonds, and other obligations, 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.\n 2. The state does pledge to and agree with the holders of any notes or\nbonds of the authority, not guaranteed by the state, secured by a pledge\nof the tolls or other revenues or any part thereof from any bridge\nconstructed by the authority across the Hudson river south of Bear\nmountain bridge or from any part of the thruway which includes such\nbridge, that no bridge or tunnel constituting a connection for vehicular\ntraffic over, under or across the Hudson river between the present\nlocation of the Bear mountain bridge and the boundary line between the\nstate of New York and the state of New Jersey at the west side of the\nHudson river will be constructed or maintained so long as the\nobligations of such bonds for principal and interest shall not have been\npaid or otherwise discharged.\n