New York § 3866 Agreement with the state

New York Statutes

§ 3866 — Agreement with the state

New York § 3866

Law PBAPublic Authorities

Title 2Buffalo Fiscal Stability Authority

Art. 10-DMiscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 3866 (2026).

Text

§ 3866. Agreement with the state.

1.The state does hereby pledge to\nand agree with the holders of any issue of bonds, notes or other\nobligations issued by the authority pursuant to this title and secured\nby such a pledge that the state will not limit, alter or impair the\nrights hereby vested in the authority to fulfill the terms of any\nagreements made with such holders pursuant to this title, or in any way\nimpair the rights and remedies of such holders or the security for such\nbonds, notes or other obligations until such bonds, notes or other\nobligations together with the interest thereon and all costs and\nexpenses in connection with any action or proceeding by or on behalf of\nsuch holders, are fully paid and discharged. The authority is authorized\nto include this pledge and

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§ 3866. Agreement with the state. 1. The state does hereby pledge to\nand agree with the holders of any issue of bonds, notes or other\nobligations issued by the authority pursuant to this title and secured\nby such a pledge that the state will not limit, alter or impair the\nrights hereby vested in the authority to fulfill the terms of any\nagreements made with such holders pursuant to this title, or in any way\nimpair the rights and remedies of such holders or the security for such\nbonds, notes or other obligations until such bonds, notes or other\nobligations together with the interest thereon and all costs and\nexpenses in connection with any action or proceeding by or on behalf of\nsuch holders, are fully paid and discharged. The authority is authorized\nto include this pledge and agreement of the state in any agreement with\nthe holders of such bonds, notes or other obligations. Nothing contained\nin this title shall be deemed to restrict any right of the state to\namend, modify, repeal or otherwise alter: (a) section fifty-four of the\nstate finance law or any other provision relating to state aid, or (b)\nstatutes imposing or relating to taxes or fees, or appropriations\nrelating thereto.\n 2. The authority shall not include within any resolution, contract or\nagreement with holders of the bonds, notes or other obligations issued\nunder this title any provision which provides that a default occurs as a\nresult of the state exercising its right to amend, repeal, modify or\notherwise alter: (a) section fifty-four of the state finance law or any\nother provision relating to state aid or (b) statutes imposing or\nrelating to taxes, fees, or appropriations relating thereto. Nothing in\nthis title shall be deemed to obligate the state to make any payments or\nimpose any taxes to satisfy the debt service obligations of the\nauthority.\n