N.Y. Public Authorities Law 3015 – Agreement with the state
§ 3015. Agreement with the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued by a corporation under this act that the state will not limit or alter the rights hereby vested in such corporation to fulfill the terms of any agreements made with the said holders thereof, or in any way impair the rights and remedies of such holders until such notes and 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 paid and discharged. A corporation is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds.
Terms Used In N.Y. Public Authorities Law 3015
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- notes: means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article. See N.Y. Public Authorities Law 3003
- State: means the state of New York. See N.Y. Public Authorities Law 3003