N.Y. Public Authorities Law Section 2669-A
Agreement with state


The state does hereby pledge to and agree with the holders of any bonds issued by the authority pursuant to this title and secured by a pledge, 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 hereby vested in the authority to purchase, construct, own and operate, maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge, increase and extend, 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 contracts or agreements made with or for the benefit of the holders of bonds or with any person or public authority with reference to such project or part thereof, or in any way to impair the rights and remedies of the holders of bonds, 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. Nothing contained in this title shall be deemed to restrict the right of the state to amend, modify, repeal or otherwise alter statutes imposing or relating to taxes or fees or appropriations relating thereto. The authority shall not include in any resolution, contract or agreement with the holders of its bonds, or such persons or public authorities who may enter into contracts with the authority, any provision stating that, as a result of the state exercising its right to amend, repeal, modify or otherwise alter any such tax, fee or appropriation a default will occur. Nothing in this title shall be deemed to obligate the state to make additional payments or impose any taxes to satisfy the debt service obligations of the authority.

Source: Section 2669-A — Agreement with state, https://www.­nysenate.­gov/legislation/laws/PBA/2669-A (updated Sep. 22, 2014; accessed Jul. 6, 2024).

Accessed:
Jul. 6, 2024

Last modified:
Sep. 22, 2014

§ 2669-A’s source at nysenate​.gov

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