N.Y. Public Authorities Law Section 1312
Agreement of the state

The state does hereby pledge to and agree with the holders of any notes or bonds issued under this title, that the state 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 notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses for which the authority is liable 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 notes or bonds.

Source: Section 1312 — Agreement of the state, https://www.­nysenate.­gov/legislation/laws/PBA/1312 (updated Sep. 22, 2014; accessed Jul. 26, 2025).

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Verified:
Jul. 26, 2025

Last modified:
Sep. 22, 2014

§ 1312. Agreement of the state's source at nysenate​.gov

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