2015 New York Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 9 - (1200 - 1221) NEW YORK CITY TRANSIT AUTHORITY
1207-D - Agreement of the state.
1207-d. Agreement of the state. The state of New York does hereby pledge to and agree with the holders of the bonds and notes of the authority that the state will not limit or alter the rights and powers hereby vested in the authority by this title to fulfill the terms of any contract made by the authority with such holders or in any way impair the rights and remedies of such holders until such bonds and notes, 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 such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any contract with the holders of bonds or notes.
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