Section 1199-NN. Agreement of the state  


Latest version.
  • The state does hereby pledge to
      and agree with the holders of any bonds issued by the authority pursuant
      to this title that the state will not alter or limit the  rights  hereby
      vested  in  the  authority  to  purchase,  construct, maintain, operate,
      repair,  improve,  increase,  enlarge,  extend,  reconstruct,  renovate,
      rehabilitate  or  dispose  of any project, or any part or parts thereof,
      for which bonds of the authority shall have been  issued,  to  establish
      and  collect rates, fees and other charges referred to in this title and
      to fulfill the terms of any agreement made with or for  the  benefit  of
      the  holders  of the bonds or with any public corporation or person with
      reference to such project or part thereof, or  in  any  way  impair  the
      rights  and  remedies of the bondholders, until the bonds, together with
      the interest thereon, including 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  met  and
      discharged.  The  authority  is  authorized  to  include this pledge and
      agreement of the state in any agreement with bondholders.
        * NB There are 2 § 1199-nn's