New York Laws
Title 8-A - New York State Local Water and Sewer Authority Act
1196-K - Agreement With the State.

§ 1196-k. Agreement with the state. The state does hereby pledge to
and agree with the holders of any bonds issued by an authority pursuant
to this title that the state will not alter or limit the rights hereby
vested in the authority to fulfill the terms of any agreement made with
or for the benefit of the holders of bonds, or in any way impair the
rights and remedies of 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. An
authority is authorized to include this pledge and agreement of the
state in any agreement with bondholders.

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