Section 563. Agreement of the state

1. The state of New York does pledge to
  and  agree  with  (a)  the  holders of the bonds that the state will not
  limit or alter the rights hereby vested in the  authority  to  maintain,
  reconstruct  and  operate  the  project,  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
  to fulfill the terms of any agreements made  with  the  holders  of  the
  bonds,  or in any way impair the rights and remedies of the bondholders,
  until the bonds, together with 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  the
  bondholders,  are  fully  met and discharged, and (b) the holders of any
  bonds of the port authority issued in accordance with the terms  of  any
  agreement  with  the  authority authorized hereby to finance the Narrows
  bridge project or secured in whole  or  in  part  by  a  pledge  of  the
  revenues  thereof  or  both  so issued and so secured until title to the
  Narrows bridge is vested in the authority or the city,  that  the  state
  will  not  limit  or  alter the rights hereby vested in the authority to
  fulfill the terms of any agreements authorized hereby and made with  the
  port  authority  respecting  the  Narrows  bridge  project or in any way
  impair the rights and remedies of the port  authority  thereunder  until
  the   obligations   of  the  authority  thereunder  are  fully  met  and
  discharged.
    2. The state of New York does covenant and agree with the  holders  of
  any  bonds  issued  after  January first, nineteen hundred forty that no
  tunnel, bridge,  parkway,  causeway,  street,  road,  highway  or  other
  connection for vehicular traffic (other than one of the projects), which
  will  be  competitive  with  the Robert F. Kennedy bridge project or the
  Whitestone bridge project or the  Throgs  Neck  bridge  project  or  the
  Marine  parkway  bridge  project or the Cross Bay parkway bridge project
  will be constructed or maintained until the bonds together with interest
  thereon, interest on any unpaid installments of interest, and all  costs
  and  expenses  in  connection  with  any  action or proceedings by or on
  behalf of the bondholders, are fully met and discharged; provided that a
  tunnel, bridge,  parkway,  causeway,  street,  road,  highway  or  other
  connection for vehicular traffic shall be considered as competitive with
  the Robert F. Kennedy bridge project or Whitestone bridge project or the
  Throgs  Neck  bridge  project  only  if  it  shall form a connection for
  vehicular traffic over, under, or across the  East  river  north  of  an
  extension  to the east of the center line of Seventy-third street in the
  borough of Manhattan, and shall be considered as  competitive  with  the
  Marine  parkway  bridge project or Cross Bay parkway bridge project only
  if such tunnel, bridge, parkway,  causeway,  street,  road,  highway  or
  other  connection  for  vehicular  traffic  shall  form a connection for
  vehicular traffic with Rockaway peninsula across any part of the  waters
  of  Jamaica  bay  or  Rockaway  inlet  west  of  seventy-three  degrees,
  forty-six minutes of  west  longitude.  The  covenant  herein  contained
  restricting competitive traffic connections with any project or projects
  shall  be  only for the benefit of the holders of bonds secured in whole
  or in part by the pledge of the revenues of such  project  or  projects.
  All  covenants of the state made with the holders of bonds issued before
  January first, nineteen hundred and  forty,  are  hereby  confirmed  and
  shall not be affected hereby.
    3.  The state of New York does pledge to and agree with the holders of
  any bonds that no  tunnel,  bridge,  parkway,  causeway,  street,  road,
  highway  or  other  connection  for  vehicular  traffic,  which  will be
  competitive with the Queens  Midtown  tunnel  or  the  Brooklyn  Battery
  tunnel  or  the  Brooklyn  Richmond tunnel or the Narrows bridge will be

  constructed; provided that a tunnel, bridge, parkway, causeway,  street,
  road,  highway  or  other  connection  for  vehicular  traffic  shall be
  considered as competitive if it shall form a  connection  for  vehicular
  traffic over, under or across the East river south of Queensboro bridge,
  or,  if  it  shall  form  a connection for vehicular traffic between the
  boroughs of Manhattan, Brooklyn or Richmond over, under  or  across  New
  York  bay. The covenant herein contained restricting competitive traffic
  connections with any project or projects shall be only for  the  benefit
  of the holders of bonds secured in whole or in part by the pledge of the
  revenues  of  such  project or projects and subject to and in accordance
  with all contract provisions with respect to any  bonds  outstanding  on
  January first, nineteen hundred fifty-five and the rights of the holders
  of  such  bonds,  the  covenant  herein contained shall not be deemed to
  prevent the construction of any bridge or tunnel exclusively for railway
  rapid transit purposes.