N.Y. Public Authorities Law Section 2053-O
Agreement with the state


The state does hereby pledge to and agree with the holders of any bonds or notes issued by the authority pursuant to this title that the state will not alter or limit the rights hereby vested in the authority to purchase, construct, maintain, operate, repair, improve, increase, enlarge, extend, reconstruct, renovate, rehabilitate or dispose of any project, or any part or parts thereof, for which bonds of the authority shall have been issued, to establish and collect rates, rents, fees and other charges referred to in this title to fulfill the terms of any agreement made with or for the benefit of the holders of bonds or notes or with any public corporation or person with reference to such project or part thereof, or in any way to impair the rights and remedies of bondholders until the bonds or notes, together with the 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 such holders, are fully met and discharged, provided, however, that this section shall not be construed to limit in any manner the ability of the state to alter, amend or enforce laws or regulations to protect public health and the environment. The authority is authorized to include this pledge and agreement of the state in any agreement with bondholders.

Source: Section 2053-O — Agreement with the state, https://www.­nysenate.­gov/legislation/laws/PBA/2053-O (updated Sep. 22, 2014; accessed Jul. 13, 2024).

Accessed:
Jul. 13, 2024

Last modified:
Sep. 22, 2014

§ 2053-O’s source at nysenate​.gov

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