N.Y. Public Authorities Law § 533: Agreement of the state

§ 533. Agreement of the state. The state of New York does pledge to

and agree with the holders of any bonds or notes that the state will not

authorize the construction or maintenance of any additional highway

crossings for vehicular traffic over, under or across the waters of the

Hudson river in addition to the bridges authorized by this title which

will be competitive with the bridges, nor will it limit or alter the

rights hereby vested in the authority to establish and collect such

charges and tolls 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 agreement made with the holders of the bonds

or notes, or in any way impair the rights and remedies of bondholders or

noteholders, until the bonds and notes, together with interest thereon,

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

expenses in connection with any actions or proceedings by or on behalf

of the bondholders or noteholders, are fully met and discharged. For the

purposes of this section, any such crossing shall be considered as

competitive only if it shall form a connection for vehicular traffic

over, under or across the Hudson river south of a line drawn across the

Hudson river fifteen miles north of the Rip Van Winkle bridge, and north

of the Bear Mountain bridge.