N.Y. Public Authorities Law Section 2799-JJ
Agreement with the city

The city is authorized to pledge and agree with the holders of any issue of bonds and/or bond anticipation notes secured by such a pledge that the city will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with such holders pursuant to this title, or in any way impair the rights and remedies of such holders or the security for such bonds and/or bond anticipation notes until such bonds and/or bond anticipation notes, together with the interest thereon and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged. Nothing contained in this section shall be deemed to restrict any right the city may have to amend, modify or otherwise alter local laws imposing or relating to the taxes payable to the authority pursuant to subsection (d) of section eight hundred seventy-three or section thirteen hundred thirteen of the tax law so long as, after giving effect to such amendment, modification or other alteration, the amount of tax revenues projected by the mayor to be available to the authority during each of its fiscal years following the effective date of such amendment, modification or other alteration shall be not less than one hundred fifty percent of maximum annual debt service on authority bonds then outstanding.

Source: Section 2799-JJ — Agreement with the city, https://www.­nysenate.­gov/legislation/laws/PBA/2799-JJ (updated Apr. 29, 2022; accessed Apr. 27, 2024).

Green check means up to date. Up to date

Accessed:
Apr. 27, 2024

Last modified:
Apr. 29, 2022

§ 2799-JJ’s source at nysenate​.gov

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