1367 - Agreement of state on authority rights.

§  1367. Agreement of state on authority rights. The state of New York  does pledge to and with the bondholders that the state will not limit or  alter the rights hereby vested in the authority to  acquire,  construct,  maintain,  reconstruct  and  operate a project or projects, to establish  and collect rates, fees, rentals and other charges, and to  fulfill  the  terms  of agreements made with the bondholders, or in any way impair the  rights and remedies of the bondholders until the  bonds,  together  with  interest  thereon, with interest on any unpaid installments of interest,  and all costs and expenses in connection with an action or proceeding by  or on behalf of  the  bondholders  are  fully  met  and  discharged.  No  provision  of  this  title  shall  be  deemed  to limit the power of the  legislature to authorize the state or a political subdivision thereof to  acquire properties of the authority and pay the indebtedness thereof.