Agreement of the State. The state pledges and agrees with the holders of any bonds or notes that the state will not limit or alter the rights vested in the authority to fulfill the terms of agreements made with the holders or in any way to impair the rights and remedies of the holders until the bonds or notes together with the interest on them, plus interest on unpaid installments of interest, and all costs and expenses in connection with an action by or on behalf of the holders are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of bonds or notes. 2014 Acts, xx 0000, §00, 78
Agreement of the State. In the Act, the State pledges to and agrees with the City and the Corporation that the State will not limit or alter the rights and powers vested in any State Entity by the Act with respect to the disposition of the Sales Tax Revenues so as to impair the terms of the Sale Agreement or this Indenture until all requirements with respect to the deposit by such State Entity of Sales Tax Revenues have been fully paid and discharged. In addition, in the Act the State pledges to and agrees with the City and the Corporation that the State will not limit or alter the basis on which the Sales Tax Revenues are derived, or the use of the Sales Tax Revenues, so as to impair the terms of the Sale Agreement or this Indenture. The Corporation hereby acknowledges that the State’s pledge and agreement is an important security provision of the Indenture and the Bonds, and, to the fullest extent permitted by applicable federal or State law, the Corporation hereby waives any right to assert any claim to the contrary and agrees that it will neither, directly or indirectly, assert nor support any assertion or claim made by or on behalf of the State, or by any other person, to the contrary.
Agreement of the State. In accordance with Section 1020-o of the Act, the Authority, as agent for the State, does hereby pledge to and agree with the holders of any obligations issued under the Act and the parties to any contracts with the Authority thereunder that the State will not limit or alter the rights thereby vested in the Authority until such obligations together with the interest thereon are fully met and discharged and/or such contracts are fully performed on the part of the Authority, provided that nothing herein contained shall preclude such limitation or alteration if and when adequate provision shall be made by law for the protection of the holders of such obligations of the Authority, or those entering into such contracts with the Authority.
Agreement of the State. In accordance with Section 1271 of the MTA Act and, in the case of the Transit Authority and MABSTOA, subdivision 8 of Section 1207-m of the TA Act, each Related Transportation Entity does hereby include the pledge and agreement of the State with each Related Transportation Entity and the Owners of the Related Transportation Indebtedness that the State will not limit or alter the denial of authority under subdivision 9 of Section 1269 of the MTA Act and, in the case of the Transit Authority and MABSTOA, subdivision 11 of Section 1207-m of the TA Act, or the rights and powers vested in any of them and the TA Act and MTA Act to fulfill the terms of any agreement made by any of them with such Owners, or in any way impair their rights and remedies until such agreements, bonds, notes and obligations, including the Interagency Agreement, together with the interest thereon and all costs and expenses in connection with any action or proceedings by or on behalf of the MTA or such Owners, are fully met and discharged.
Agreement of the State. In the Authorizing Statute, the State pledges to and agrees with the Village and the Corporation that the State will not limit or alter the rights and powers vested in any State Entity, by the Authorizing Statute with respect to the disposition of the Sales Tax Revenues so as to impair the terms of the Sale Agreement or this Master Indenture until all requirements with respect to the deposit by such State Entity of Sales Tax Revenues have been fully paid and discharged. In addition, in the Authorizing Statute the State pledges to and agrees with the Village and the Corporation that the State will not limit or alter the basis on which the Sales Tax Revenues are derived, or the use of such Sales Tax Revenues, so as to impair the terms of the Sale Agreement or this Master Indenture. The Corporation hereby acknowledges that the State’s pledge and agreement is an important security provision of the Indentures and the Bonds, and, to the fullest extent permitted by applicable federal or State law, the Corporation hereby waives any right to assert any claim to the contrary and agrees that it will neither, directly or indirectly, assert nor support any assertion or claim made by or on behalf of the State, or by any other person, to the contrary.
Agreement of the State. The State pledges to and agrees with the holders of any bonds issued under this chapter and with those parties who may enter into any contract with the authority pursuant to this chapter that the State will not limit, alter, restrict or impair the rights vested by this chapter in the authority until the bonds issued pursuant to this chapter, together with interest, including interest on any unpaid installment of interest and all costs and expenses in connection with any actions or proceedings by or on behalf of the bondholders, are fully met and discharged and such contracts are fully performed on the part of the authority. Nothing in this chapter precludes that limitation or alteration if and when adequate provision is made by law for the protection of the holders of such bonds and of those parties entering into contracts with the authority. The authority is authorized to include this pledge and undertaking for the State in those bonds or contracts. [2003, c. 455, §2 (NEW).] SECTION HISTORY 2003, c. 455, §2 (NEW).
