N.Y. Public Authorities Law § 662: Agreements of the state

§ 662. Agreements of the state. 1. The state of New York does pledge

to and agree with the holders of the notes and bonds that the state will

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

construct, maintain, reconstruct and operate the project, to establish

and collect charges and tolls and to fulfill the terms of any agreements

made with the holders of the notes and bonds, or in any way impair the

rights and remedies of the note and bondholders, until the notes and

bonds, together with interest thereon, with interest on any unpaid

installments of interest, and all costs and expenses in connection with

any action or proceeding by or on behalf of the note and bondholders,

are fully met and discharged.

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

the notes and bonds that no tunnel, bridge, parkway, causeway, street,

road, highway or other connection for vehicular traffic which will be

competitive with the project will be constructed or maintained until the

notes and bonds, together with interest thereon, interest on any unpaid

installments of interest and all costs and expenses in connection with

any action or proceeding by or on behalf of the note and bondholders are

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

causeway, street, road, highway or other connection for vehicular

traffic shall be considered as competitive with the project only if it

shall form a connection for vehicular traffic over, under or across

Reynolds channel west of seventy-three degrees and forty minutes of west

longitude.