New York Laws
Title 6 - Albany Municipal Water Finance Authority
1115-S - Agreement of the State.

§ 1115-s. Agreement of the state. 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 or the water board to fulfill the terms of any
agreement made with or for the benefit of the holders of the bonds, or
in any way impair the rights and remedies of the bondholders, until the
bonds, together with the interest thereon, with 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.

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