Section 1199-MM. Agreement with 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, rents, 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-mm's