N.Y. Public Authorities Law Section 1392
Agreement of state on authority rights

The state of New York does pledge to and with the bondholders that the state will not limit or alter the rights hereby vested in the authority to acquire, construct, maintain, reconstruct and operate a project or projects, to establish and collect rates, fees, rentals and other charges, and to fulfill the terms of agreements made with the bondholders, or in any way impair the rights and remedies of the bondholders until the bonds, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of the bondholders are fully met and discharged. No provision of this title shall be deemed to limit the power of the legislature to authorize the state or a political subdivision thereof to acquire properties of the authority and pay the indebtedness thereof.

Source: Section 1392 — Agreement of state on authority rights, https://www.­nysenate.­gov/legislation/laws/PBA/1392 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1392’s source at nysenate​.gov

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