N.Y. Public Authorities Law Section 3015
Agreement with the state

The state does hereby pledge to and agree with the holders of any notes or bonds issued by a corporation under this act that the state will not limit or alter the rights hereby vested in such 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 paid and discharged. A 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 3015 — Agreement with the state, https://www.­nysenate.­gov/legislation/laws/PBA/3015 (updated Sep. 22, 2014; accessed Jan. 3, 2026).

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Verified:
Jan. 3, 2026

Last modified:
Sep. 22, 2014

§ 3015. Agreement with the state's source at nysenate​.gov

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