N.Y. Public Authorities Law Section 373
Agreement of the state


1.

The state does pledge to and agree with the holders of notes, bonds, or other obligations of the authority not guaranteed by the state that the state will not limit or alter the rights hereby vested in the authority to establish and collect such fees, rentals and charges as may be convenient or necessary to produce sufficient revenue to meet the expense of maintenance and operation and to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of such holders until such notes, bonds, and other obligations, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders, are fully met and discharged.

2.

The state does pledge to and agree with the holders of any notes or bonds of the authority, not guaranteed by the state, secured by a pledge of the tolls or other revenues or any part thereof from any bridge constructed by the authority across the Hudson river south of Bear mountain bridge or from any part of the thruway which includes such bridge, that no bridge or tunnel constituting a connection for vehicular traffic over, under or across the Hudson river between the present location of the Bear mountain bridge and the boundary line between the state of New York and the state of New Jersey at the west side of the Hudson river will be constructed or maintained so long as the obligations of such bonds for principal and interest shall not have been paid or otherwise discharged.

Source: Section 373 — Agreement of the state, https://www.­nysenate.­gov/legislation/laws/PBA/373 (updated Sep. 22, 2014; accessed Mar. 23, 2024).

350
Short title
351
Definitions
352
New York State thruway authority
353
Purposes of the authority and benefits therefrom
354
Powers of the authority
355
Officers and employees
356
Thruway sections and connections
356–A
Names and designations of thruway sections and connections
356–B
Thruway to be designated as a section of a national network of Blue Star memorial highways
357
Right of authority to use state property
357–A
State police and state payment for services
357–B
Sharing employees, services and resources
357–C
Indemnification and defense under shared services agreement
358
Acquisition of real property by the commissioner
358–A
Acquisition of real property by the authority
359
Construction, reconstruction and improvement
359–A
Procurement contracts
360
Operation and maintenance
361
Traffic control
361–A
Restriction and regulation of advertising devices
361–B
Jurisdiction in certain suits against the authority
361–C
Tourist information facilities
361–D
Agreement with the office of parks, recreation and historic preservation
362
Assistance by state officers, departments, boards, divisions and commissions
363
Annual report
364
Deposit and investment of moneys of the authority
365
Notes or bonds of the authority
366
Guaranty by the state
367
State’s right to require redemption of bonds
368
Remedies of noteholders and bondholders
369
Liability of state
370
Notes and bonds legal investments for public officers and fiduciaries
371
Tax exemption
372
Tax covenant
373
Agreement of the state
374
Title not affected if in part unconstitutional
375
Inconsistent provisions in other acts superseded
376
Further additional powers of the authority
377
Provision for servicing state vehicles with petroleum, etc
378
Specially priced commuter tickets
378–A
Emergency service permits
379
Further additional powers of the authority to finance certain repayment obligations of the state in connection with the purchase of real ...
380
Further additional powers of the authority to finance certain local highway and bridge improvements and payments to the authority
381
Further additional powers of the authority
384
Additional powers of the authority to undertake and finance certain transportation projects
385
Additional powers of the authority to issue special dedicated highway and bridge trust fund bonds
386
Additional powers of the authority to issue special rail and aviation transportation bonds
386–A
Financing of metropolitan transportation authority (MTA) transportation facilities
386–B
Financing of peace bridge and transportation capital projects
387
Fees for searches and copies of accident and accident reconstruction reports
388
Limitation on powers of the authority
389
Information concerning services for human trafficking victims in facilities at service areas

Accessed:
Mar. 23, 2024

Last modified:
Sep. 22, 2014

§ 373’s source at nysenate​.gov

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