Section 1199-MMM. 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.