2006 New York Code - Covenants Of The State.

 
    *  §  158-a.  Covenants  of  the  state. 1. The state of New York does
  pledge to and agree with the holders of any  bonds  issued  pursuant  to
  this  act after January first, nineteen hundred thirty-nine that it will
  not limit or  alter  the  rights  hereby  vested  in  the  authority  to
  construct,  reconstruct,  operate  and maintain the parkway, bridges and
  other improvements, or any of them, and to collect revenues therefrom as
  authorized in this title insofar as such  rights  may  be  necessary  in
  order  that  the  authority may fulfill the terms of any agreements made
  with the holders of such bonds and that it will not in  any  way  impair
  the  rights  and  remedies of the holders of such bonds until the bonds,
  together with interest thereon, with interest on any unpaid installments
  of principal and interest and all costs and expenses in connection  with
  any suits, actions or proceedings by or on behalf of the bondholders are
  fully met and discharged.
    2.  The state of New York does pledge to and agree with the holders of
  any bonds issued pursuant to this title after  January  first,  nineteen
  hundred  thirty-nine  which  are  secured by a pledge of the revenues of
  Jones  Beach  parkway  that  it  will  not  authorize  or   permit   the
  construction  or  maintenance  of any parkway, causeway, bridge, tunnel,
  street, road, highway or other connection for  vehicular  traffic  which
  will  be  competitive with Jones Beach parkway until such bonds together
  with interest thereon, with  interest  on  any  unpaid  installments  of
  principal and interest and all costs and expenses in connection with any
  suits,  actions  or  proceedings  by or on behalf of the bondholders are
  fully met and discharged; provided that  a  parkway,  causeway,  bridge,
  tunnel,  street, road, highway or other connection for vehicular traffic
  shall be considered as competitive only if it shall  form  a  connection
  for vehicular traffic between the mainland of Long Island and the island
  of  Long  Beach  east  of the most easterly point of the present city of
  Long Beach or between the mainland of Long  Island  and  the  island  on
  which Jones Beach park is located west of the most easterly point of Oak
  island,  or  between  the  island  of Long Beach and the island on which
  Jones Beach park is located.
    3. The state of New York does pledge to and agree with the holders  of
  any  bonds  issued  pursuant to this title after January first, nineteen
  hundred thirty-nine which are secured by a pledge  of  the  revenues  of
  Captree bridge, that it will not authorize or permit the construction or
  maintenance  of  any  parkway,  causeway,  bridge, tunnel, street, road,
  highway or  other  connection  for  vehicular  traffic  which  shall  be
  competitive with Captree bridge until such bonds, together with interest
  thereon,  with  interest  on  any  unpaid  installments of principal and
  interest, and all costs and  expenses  in  connection  with  any  suits,
  actions  or  proceedings,  by or on behalf of the bondholders, are fully
  met and discharged; provided that a parkway, causeway,  bridge,  tunnel,
  street, road, highway or other connection for vehicular traffic shall be
  considered  as  competitive  only  if  it  shall  form  a connection for
  vehicular traffic across Great South bay between the  mainland  on  Long
  Island and either the island of Jones Beach or Fire island beach east of
  Wantagh state parkway and west of Smith point.
    * NB (Authority abolished June 30, 1978)