N.Y. Public Authorities Law § 158-a: Covenants of the state

* § 158-a. Covenants of the state. 1. The state of New York does

pledge to and agree with the holders of any bonds issued pursuant to

this act after January first, nineteen hundred thirty-nine that it will

not limit or alter the rights hereby vested in the authority to

construct, reconstruct, operate and maintain the parkway, bridges and

other improvements, or any of them, and to collect revenues therefrom as

authorized in this title insofar as such rights may be necessary in

order that the authority may fulfill the terms of any agreements made

with the holders of such bonds and that it will not in any way impair

the rights and remedies of the holders of such bonds until the bonds,

together with interest thereon, with interest on any unpaid installments

of principal and interest and all costs and expenses in connection with

any suits, actions or proceedings by or on behalf of the bondholders are

fully met and discharged.

2. The state of New York does pledge to and agree with the holders of

any bonds issued pursuant to this title after January first, nineteen

hundred thirty-nine which are secured by a pledge of the revenues of

Jones Beach parkway that it will not authorize or permit the

construction or maintenance of any parkway, causeway, bridge, tunnel,

street, road, highway or other connection for vehicular traffic which

will be competitive with Jones Beach parkway until such bonds together

with interest thereon, with interest on any unpaid installments of

principal and interest and all costs and expenses in connection with any

suits, actions or proceedings by or on behalf of the bondholders are

fully met and discharged; provided that a parkway, causeway, bridge,

tunnel, street, road, highway or other connection for vehicular traffic

shall be considered as competitive only if it shall form a connection

for vehicular traffic between the mainland of Long Island and the island

of Long Beach east of the most easterly point of the present city of

Long Beach or between the mainland of Long Island and the island on

which Jones Beach park is located west of the most easterly point of Oak

island, or between the island of Long Beach and the island on which

Jones Beach park is located.

3. The state of New York does pledge to and agree with the holders of

any bonds issued pursuant to this title after January first, nineteen

hundred thirty-nine which are secured by a pledge of the revenues of

Captree bridge, that it will not authorize or permit the construction or

maintenance of any parkway, causeway, bridge, tunnel, street, road,

highway or other connection for vehicular traffic which shall be

competitive with Captree bridge until such bonds, together with interest

thereon, with interest on any unpaid installments of principal and

interest, and all costs and expenses in connection with any suits,

actions or proceedings, by or on behalf of the bondholders, are fully

met and discharged; provided that a parkway, causeway, bridge, tunnel,

street, road, highway or other connection for vehicular traffic shall be

considered as competitive only if it shall form a connection for

vehicular traffic across Great South bay between the mainland on Long

Island and either the island of Jones Beach or Fire island beach east of

Wantagh state parkway and west of Smith point.

* NB (Authority abolished June 30, 1978)