Section 158. Competing highways not to be authorized

The state of New
  York does pledge to and agree with the holders of  any  bonds  that  the
  state will not authorize the construction or maintenance of any parkway,
  causeway,  bridge, tunnel, street, road, highway or other connection for
  vehicular traffic, which will be competitive with Jones  Beach  parkway,
  nor  will it limit or alter the rights hereby vested in the authority to
  establish and collect such charges and tolls as  may  be  convenient  or
  necessary   to  produce  sufficient  revenue  to  meet  the  expense  of
  maintenance and operation and fulfill the terms of any  agreements  made
  with  the  holders  of  the  bonds,  or in any way impair the rights and
  remedies  of  bondholders,  until  the  bonds,  together  with  interest
  thereon,  with  interest  on  any  unpaid  installments of principal and
  interest, and all costs and expenses in connection with any  actions  or
  proceedings,  by  or  on  behalf  of  the bondholders, are fully met and
  discharged; provided that a parkway, causeway, bridge,  tunnel,  street,
  road,  highway  or  other  connection  for  vehicular  traffic  shall be
  considered as competitive  only  if  it  shall  form  a  connection  for
  vehicular  traffic between the mainland of Long Island and the island of
  Long Beach east of the most easterly point of the present city  of  Long
  Beach  or  between  the  mainland of Long Island and the island on which
  Jones Beach park is located west of  the  most  easterly  point  of  Oak
  island,  or  between  the  island  of Long Beach and the island on which
  Jones Beach park is located. This section shall  be  effective  only  so
  long  as  bonds issued by the authority prior to January first, nineteen
  hundred thirty-nine shall be outstanding and unpaid.
    * NB (Authority abolished June 30, 1978)