N.Y. General Municipal Law Section 868
Agreements of the municipality and state

The municipality is authorized to, and the state does hereby, pledge to and agree with the holders of the bonds or notes that neither the municipality nor the state, respectively, will limit or alter the rights, hereby vested in the agency to acquire, construct, reconstruct, improve, maintain, equip and furnish the project or projects, 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 notes nor in any way impair the rights and remedies of the bondholders or noteholders until the bonds or notes, together with 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 or noteholders are fully met and discharged.

Source: Section 868 — Agreements of the municipality and state, https://www.­nysenate.­gov/legislation/laws/GMU/868 (updated Sep. 22, 2014; accessed Apr. 26, 2025).

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Accessed:
Apr. 26, 2025

Last modified:
Sep. 22, 2014

§ 868’s source at nysenate​.gov

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