N.Y. Public Authorities Law 2350-L – Agreement of the state
* § 2350-l. Agreement of the state. The state does hereby pledge to and agree with the holders of any bonds issued by the agency pursuant to this title that the state will not alter or limit the rights hereby vested in the agency 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 agency shall have been issued, to establish and collect lease payments, rents, fees and other charges referred to in this title and to fulfill the terms of any agreement made with or for the benefit of the holders of the bonds or with any public corporation or person with reference to such project or part thereof, or in any way impair the rights and remedies of the bondholders, until the bonds, 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 and such contracts are fully performed on the part of the agency. The agency is authorized to include this pledge and agreement of the state in any agreement with bondholders.
Terms Used In N.Y. Public Authorities Law 2350-L
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
* NB Repealed December 31, 2023