New York Laws
Title 6-D - Alfred, Almond, Hornellsville Sewer Authority
1147-P - Agreement With the State.

§ 1147-p. Agreement with the state. The state does hereby pledge to
and agree with the holders of any bonds or notes 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 to fulfill the terms of any agreement made with or for the
benefit of the holders of bonds or notes or with any public corporation
or person with reference to such project or part thereof, or in any way
to impair the rights and remedies of bondholders until the bonds or
notes, 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, provided, however, that this section shall not be
construed to limit in any manner, the ability of the state to alter,
amend or enforce laws or regulations to protect public health and the
environment. The authority is authorized to include this pledge and
agreement of the state in any agreement with bondholders.