N.Y. Public Authorities Law Section 2541
Agreement with 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 corporation to fulfill the terms of any agreements made with the said holders thereof, or in any way impair the rights and remedies of such holders until such notes and bonds, together with the 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 such holders, are fully met and discharged. The corporation is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds.

Source: Section 2541 — Agreement with the state, https://www.­nysenate.­gov/legislation/laws/PBA/2541 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 2541’s source at nysenate​.gov

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