§ 539 — Powers of the comptroller

New York § 539

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

Text

§ 539. Powers of the comptroller. Whenever the state and the funds of\nwhich the comptroller is custodian or trustee, or any of them, shall be\nthe owner of any bonds or notes of the authority the comptroller is\nhereby authorized as to any of such bonds or notes: (a) by agreement\nwith the authority to modify the terms of such bonds or notes or the\nterms of any contract affecting or securing such bonds or notes,\nprovided that no such agreement shall reduce the principal amount of\nsuch bonds or notes or in the opinion of the comptroller jeopardize the\npayment of the principal thereof or the interest thereon at the rate\nthereafter payable thereon and provided that any agreement relating to\ntoll rates shall be approved by the commissioner; (b) to sell such bonds\nor notes to the authority at a price not less than the principal amount\nthereof and accrued interest; (c) to surrender such bonds or notes to\nthe authority in exchange for other bonds or notes of the authority in a\nprincipal amount not less than the principal amount of the bonds or\nnotes surrendered, with such cash adjustments as the comptroller may\ndeem proper; (d) to make such agreements and to do such acts and things\nas the comptroller shall deem necessary or convenient to exercise the\npowers hereby conferred; provided, however, that nothing done under the\nprovisions of this section shall in any manner affect the rights of\nother bondholders or noteholders.\n