N.Y. Public Authorities Law 2715 – Agreement of the state
§ 2715. Agreement of the state. The participating counties and any municipalities within their boundaries are authorized to and the state does hereby pledge to and agree with the owners of any bonds issued by the authority, that they will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of such holders until such bonds, together with the 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 such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such bonds.
Terms Used In N.Y. Public Authorities Law 2715
- Authority: shall mean the public benefit corporation created by section twenty-seven hundred three of this title, known as the development authority of the north country. See N.Y. Public Authorities Law 2702
- Bonds: shall mean s the bonds, notes or other evidences of indebtedness issued by the authority pursuant to this title and the provisions of this title relating to bonds and bondholders shall apply with equal force and effect to notes and noteholders, respectively, unless the context otherwise clearly requires. See N.Y. Public Authorities Law 2702
- Participating counties: shall mean the counties of Jefferson, St. See N.Y. Public Authorities Law 2702
- State: shall mean the state of New York. See N.Y. Public Authorities Law 2702