§ 563 — Agreement of the state

New York § 563

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

Text

§ 563. Agreement of the state. 1. The state of New York does pledge to\nand agree with (a) the holders of the bonds that the state will not\nlimit or alter the rights hereby vested in the authority to maintain,\nreconstruct and operate the project, 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 agreements made with the holders of the\nbonds, or in any way impair the rights and remedies of the bondholders,\nuntil the bonds, together with interest thereon, with interest on any\nunpaid installments of interest, and all costs and expenses in\nconnection with any action or proceedings by or on behalf of the\nbondholders, are fully met and discharged, and (b) the holders of any\nbonds of the port authority issued in accordance with the terms of any\nagreement with the authority authorized hereby to finance the Narrows\nbridge project or secured in whole or in part by a pledge of the\nrevenues thereof or both so issued and so secured until title to the\nNarrows bridge is vested in the authority or the city, that the state\nwill not limit or alter the rights hereby vested in the authority to\nfulfill the terms of any agreements authorized hereby and made with the\nport authority respecting the Narrows bridge project or in any way\nimpair the rights and remedies of the port authority thereunder until\nthe obligations of the authority thereunder are fully met and\ndischarged.\n 2. The state of New York does covenant and agree with the holders of\nany bonds issued after January first, nineteen hundred forty that no\ntunnel, bridge, parkway, causeway, street, road, highway or other\nconnection for vehicular traffic (other than one of the projects), which\nwill be competitive with the Robert F. Kennedy bridge project or the\nWhitestone bridge project or the Throgs Neck bridge project or the\nMarine parkway bridge project or the Cross Bay parkway bridge project\nwill be constructed or maintained until the bonds together with interest\nthereon, interest on any unpaid installments of interest, and all costs\nand expenses in connection with any action or proceedings by or on\nbehalf of the bondholders, are fully met and discharged; provided that a\ntunnel, bridge, parkway, causeway, street, road, highway or other\nconnection for vehicular traffic shall be considered as competitive with\nthe Robert F. Kennedy bridge project or Whitestone bridge project or the\nThrogs Neck bridge project only if it shall form a connection for\nvehicular traffic over, under, or across the East river north of an\nextension to the east of the center line of Seventy-third street in the\nborough of Manhattan, and shall be considered as competitive with the\nMarine parkway bridge project or Cross Bay parkway bridge project only\nif such tunnel, bridge, parkway, causeway, street, road, highway or\nother connection for vehicular traffic shall form a connection for\nvehicular traffic with Rockaway peninsula across any part of the waters\nof Jamaica bay or Rockaway inlet west of seventy-three degrees,\nforty-six minutes of west longitude. The covenant herein contained\nrestricting competitive traffic connections with any project or projects\nshall be only for the benefit of the holders of bonds secured in whole\nor in part by the pledge of the revenues of such project or projects.\nAll covenants of the state made with the holders of bonds issued before\nJanuary first, nineteen hundred and forty, are hereby confirmed and\nshall not be affected hereby.\n 3. The state of New York does pledge to and agree with the holders of\nany bonds that no tunnel, bridge, parkway, causeway, street, road,\nhighway or other connection for vehicular traffic, which will be\ncompetitive with the Queens Midtown tunnel or the Hugh L. Carey tunnel\nor the Brooklyn Richmond tunnel or the Narrows bridge will be\nconstructed; provided that a tunnel, bridge, parkway, causeway, street,\nroad, highway or other connection for vehicular traffic shall be\nconsidered as competitive if it shall form a connection for vehicular\ntraffic over, under or across the East river south of Queensboro bridge,\nor, if it shall form a connection for vehicular traffic between the\nboroughs of Manhattan, Brooklyn or Richmond over, under or across New\nYork bay. The covenant herein contained restricting competitive traffic\nconnections with any project or projects shall be only for the benefit\nof the holders of bonds secured in whole or in part by the pledge of the\nrevenues of such project or projects and subject to and in accordance\nwith all contract provisions with respect to any bonds outstanding on\nJanuary first, nineteen hundred fifty-five and the rights of the holders\nof such bonds, the covenant herein contained shall not be deemed to\nprevent the construction of any bridge or tunnel exclusively for railway\nrapid transit purposes.\n