N.Y. Public Authorities Law 1020-K – Bonds of the authority
Terms Used In N.Y. Public Authorities Law 1020-K
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
N.Y. Public Authorities Law 1020-K – Agreements of the state
The state does pledge to and agree with the holders of any bonds issued by the authority pursuant to this title that the state will not limit or alter the rights hereby vested in the authority to establish and collect the revenues and other charges referred to in this title and to fulfill the terms of any agreements made with or for the benefit of the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until the bonds, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the bondholders, are fully met and discharged.