§ 662 — Agreements of the state

§ 662. Agreements of the state. 1. The state of New York does pledge\nto and agree with the holders of the notes and bonds that the state will\nnot limit or alter the rights hereby vested in the authority to acquire,\nconstruct, maintain, reconstruct and operate the project, to establish\nand collect charges and tolls and to fulfill the terms of any agreements\nmade with the holders of the notes and bonds, or in any way impair the\nrights and remedies of the note and bondholders, until the notes and\nbonds, together with interest thereon, with interest on any unpaid\ninstallments of interest, and all costs and expenses in connection with\nany action or proceeding by or on behalf of the note and bondholders,\nare fully met and discharged.\n 2. The state of New York does covenant and agree with the holders of\nthe notes and bonds that no tunnel, bridge, parkway, causeway, street,\nroad, highway or other connection for vehicular traffic which will be\ncompetitive with the project will be constructed or maintained until the\nnotes and bonds, together with interest thereon, interest on any unpaid\ninstallments of interest and all costs and expenses in connection with\nany action or proceeding by or on behalf of the note and bondholders are\nfully met and discharged; provided that a tunnel, bridge, parkway,\ncauseway, street, road, highway or other connection for vehicular\ntraffic shall be considered as competitive with the project only if it\nshall form a connection for vehicular traffic over, under or across\nReynolds channel west of seventy-three degrees and forty minutes of west\nlongitude.\n