Section 373. Agreement of the state  


Latest version.
  • 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.