N.Y. Public Authorities Law § 711: Agreements of the state

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

to and agree with the holders of bonds issued pursuant to this title

that the state will not limit or alter the rights hereby vested in the

authority to construct, maintain, reconstruct and operate the bridge, to

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

agreements made with the holders of the bonds, 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 any action or proceeding

by or on behalf of the bondholders, are fully met and discharged.

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

bonds issued pursuant to this title that, except for structures

constructed in connection with the development of the Saint Lawrence

seaway or of hydro-electric power, no tunnel, bridge, parkway, causeway,

road, highway or other connection for vehicular traffic except for ferry

transportation which will be competitive with the bridge herein

authorized will be constructed or maintained until the 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 bondholders are fully met and

discharged; provided that a tunnel, bridge, parkway, causeway, 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 state of New York and the province of Ontario, Canada,

across the Saint Lawrence river within a distance of twenty-five miles

from the bridge herein authorized.