§ 711 — Agreements of the state

New York § 711

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8: Ogdensburg Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

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§ 711. Agreements of the state. 1. The state of New York does pledge\nto and agree with the holders of bonds issued pursuant to this title\nthat the state will not limit or alter the rights hereby vested in the\nauthority to construct, maintain, reconstruct and operate the bridge, to\nestablish and collect charges and tolls and to fulfill the terms of any\nagreements made with the holders of the bonds, or in any way impair the\nrights and remedies of the bondholders, until the bonds, together with\ninterest thereon, with interest on any unpaid installments of interest,\nand all costs and expenses in connection with any action or proceeding\nby or on behalf of the bondholders, are fully met and discharged.\n 2. The state of New York does covenant and agree with the holders of\nbonds issued pursuant to this title that, except for structures\nconstructed in connection with the development of the Saint Lawrence\nseaway or of hydro-electric power, no tunnel, bridge, parkway, causeway,\nroad, highway or other connection for vehicular traffic except for ferry\ntransportation which will be competitive with the bridge herein\nauthorized will be constructed or maintained until the bonds, together\nwith interest thereon, with interest on any unpaid installments of\ninterest, and all costs and expenses in connection with any action or\nproceeding by or on behalf of the bondholders are fully met and\ndischarged; provided that a tunnel, bridge, parkway, causeway, road,\nhighway or other connection for vehicular traffic shall be considered as\ncompetitive only if it shall form a connection for vehicular traffic\nbetween the state of New York and the province of Ontario, Canada,\nacross the Saint Lawrence river within a distance of twenty-five miles\nfrom the bridge herein authorized.\n