§ 883. Agreement of the state. The state of New York does hereby pledge to and agree with the holders of the bonds that the state will not authorize the construction or operation of any market facilities within the district by any public agency or public corporation, nor will it limit or alter the rights hereby vested in the authority to acquire, construct, reconstruct, improve, equip, operate and maintain market facilities, to establish and collect rentals, fees and other charges and to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until the bonds together with accrued 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.

Terms Used In N.Y. Public Authorities Law 883

  • authority: shall mean the corporation created by section eight hundred seventy-eight of this title. See N.Y. Public Authorities Law 876
  • bonds: shall mean bonds issued by the authority pursuant to this title. See N.Y. Public Authorities Law 876
  • 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.
  • district: shall mean the Genesee Valley Regional Market District created by section eight hundred seventy-seven of this title. See N.Y. Public Authorities Law 876