N.Y. Public Authorities Law § 373: Agreement of the state

§ 373. Agreement of the state. 1. The state does pledge to and agree

with the holders of notes, bonds, or other obligations of the authority

not guaranteed by the state that the state will not limit or alter the

rights hereby vested in the authority to establish and collect such

fees, rentals and charges as may be convenient or necessary to produce

sufficient revenue to meet the expense of maintenance and operation and

to fulfill the terms of any agreements made with the holders thereof, or

in any way impair the rights and remedies of such holders until such

notes, bonds, and other obligations, together with the interest thereon,

with interest on any unpaid installments of interest, and all costs and

expenses in connection with any action or proceedings by or on behalf of

such holders, are fully met and discharged.

2. The state does pledge to and agree with the holders of any notes or

bonds of the authority, not guaranteed by the state, secured by a pledge

of the tolls or other revenues or any part thereof from any bridge

constructed by the authority across the Hudson river south of Bear

mountain bridge or from any part of the thruway which includes such

bridge, that no bridge or tunnel constituting a connection for vehicular

traffic over, under or across the Hudson river between the present

location of the Bear mountain bridge and the boundary line between the

state of New York and the state of New Jersey at the west side of the

Hudson river will be constructed or maintained so long as the

obligations of such bonds for principal and interest shall not have been

paid or otherwise discharged.