N.Y. Public Authorities Law 1147-P – Agreement with the state
§ 1147-p. Agreement with the state. The state does hereby pledge to and agree with the holders of any bonds or notes issued by the authority pursuant to this title that the state will not alter or limit the rights hereby vested in the authority to purchase, construct, maintain, operate, repair, improve, increase, enlarge, extend, reconstruct, renovate, rehabilitate or dispose of any project, or any part or parts thereof, for which bonds of the authority shall have been issued, to establish and collect rates, rents, fees and other charges referred to in this title to fulfill the terms of any agreement made with or for the benefit of the holders of bonds or notes or with any public corporation or person with reference to such project or part thereof, or in any way to impair the rights and remedies of bondholders until the bonds or notes, together with the interest thereon, including interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged, provided, however, that this section shall not be construed to limit in any manner, the ability of the state to alter, amend or enforce laws or regulations to protect public health and the environment. The authority is authorized to include this pledge and agreement of the state in any agreement with bondholders.
Terms Used In N.Y. Public Authorities Law 1147-P
- authority: shall mean the corporation created by section eleven hundred forty-seven-c of this title. See N.Y. Public Authorities Law 1147-A
- Bonds: shall mean the bonds, notes or other evidences of indebtedness issued by the authority. See N.Y. Public Authorities Law 1147-A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- project: shall mean a system of trunk, intercepting and connecting, lateral and outlet sewers, pumping and ventilating stations, disposal or treatment plants or works and other appliances and structures, which in the judgment of the authority will provide an effectual and advantageous means for relieving the area which the authority encompasses and any waters within or passing through or any ground waters from pollution by the sewage and waste of the area encompassing the authority and relieving such area from inadequate sanitary drainage and for the sanitary disposal or treatment of the sewage thereof, or such sections or parts of such system as the authority may from time to time deem it proper or convenient to construct, consistent with the plan or purpose of this title. See N.Y. Public Authorities Law 1147-A
- State: shall mean the state of New York. See N.Y. Public Authorities Law 1147-A