§ 533 — Agreement of the state

New York § 533

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: New York State Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 533. Agreement of the state. The state of New York does pledge to\nand agree with the holders of any bonds or notes that the state will not\nauthorize the construction or maintenance of any additional highway\ncrossings for vehicular traffic over, under or across the waters of the\nHudson river in addition to the bridges authorized by this title which\nwill be competitive with the bridges, nor will it limit or alter the\nrights hereby vested in the authority to establish and collect such\ncharges and tolls 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 agreement made with the holders of the bonds\nor notes, or in any way impair the rights and remedies of bondholders or\nnoteholders, until the bonds and notes, together with interest thereon,\nwith interest on any unpaid installments of interest, and all costs and\nexpenses in connection with any actions or proceedings by or on behalf\nof the bondholders or noteholders, are fully met and discharged. For the\npurposes of this section, any such crossing shall be considered as\ncompetitive only if it shall form a connection for vehicular traffic\nover, under or across the Hudson river south of a line drawn across the\nHudson river fifteen miles north of the Rip Van Winkle bridge, and north\nof the Bear Mountain bridge.\n