N.Y. Public Authorities Law 1290-A – Insurance and guarantees
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§ 1290-a. Insurance and guarantees. The corporation may obtain from any department or agency of the United States of America any available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part thereof, on any bonds or notes issued by the corporation, but notwithstanding any other provisions of this title may not enter into any agreement or contract with respect to any such insurance or guaranty to the extent that it would in any way impair or interfere with the ability of the corporation to perform and fulfill the terms of any agreement made with the holders of the bonds or notes of the corporation.
Terms Used In N.Y. Public Authorities Law 1290-A
- Contract: A legal written agreement that becomes binding when signed.
- 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.