N.Y. Public Authorities Law Section 1500-J
Agreements of New York state

The state does hereby pledge to and agree with the holders of any bonds issued by the authority pursuant to this title and with those persons or public authorities who may enter into contracts with the authority pursuant to the provisions of this title that the state will not alter, limit or impair the rights vested in the authority by this title to purchase, construct, own and operate, maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge, increase and extend, or dispose of any covered project, or any part or parts thereof for which bonds of the authority shall have been issued, to establish and collect rentals, fees and other charges referred to in this title, to fulfill the terms of any contracts or agreements made with or for the benefit of the holders of the bonds, or with any person or public authority with reference to such covered project or part thereof, or in any way to impair the rights and remedies of the bondholders, until the bonds, together with interest thereon, including 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 holders of bonds, are fully met and discharged and such contracts are fully performed on the part of the authority. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of bonds.

Source: Section 1500-J — Agreements of New York state, https://www.­nysenate.­gov/legislation/laws/PBA/1500-J (updated May 16, 2025; accessed Jun. 21, 2025).

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Verified:
Jun. 21, 2025

Last modified:
May 16, 2025

§ 1500-J. Agreements of N.Y. state's source at nysenate​.gov

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