New York Laws
Title 10-B - Niagara Falls Public Water Authority
1230-R - Agreement With the State.

§ 1230-r. Agreement with the state. The state does hereby pledge to
and agree with the holders of any bonds issued by the authority pursuant
to this title and with those persons or public corporations who may
enter into contracts with the authority or the water board, pursuant to
the provisions of this title that the state will not alter, limit or
impair the rights hereby vested in the authority or the water board to
purchase, construct, own and operate, maintain, repair, improve,
reconstruct, renovate, rehabilitate, enlarge, increase and extend, 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 contracts or agreements made with or for the benefit of the
holders of bonds or with any person or public corporation with reference
to such project or part thereof, or in any way to impair the rights and
remedies of the holders of bonds, until the bonds, together with
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 the holders of bonds, are fully met and
discharged and such contracts are fully performed on the part of the
authority or the water board, as the case may be. The authority is
authorized to include this pledge and agreement of the state in any
agreement with the holders of bonds.