1778 - Agreement of the state. - New York Statutes

§ 1778. Agreement of the state. The state does hereby pledge to and agree with the holders of any bonds or notes issued under this title that the state will not limit or alter (a) the rights and powers vested in the authority by this title to acquire, design, construct, improve, develop, control, maintain and operate a joint public general hospital project, to establish and collect rates, fees, revenues and other charges therefor, to receive and use for its corporate purposes the existing joint public general hospital now owned by the city of Salamanca and real and personal property to be transferred to it by said city and by the Salamanca hospital district, and to fulfill all agreements outstanding of said district, or by the said district with the city of Salamanca or (b) the rights and powers vested in the authority by this title to fulfill the terms of any contract made by the authority with such holders, or in any way impair the rights and remedies of such holders until such bonds and notes, together with the 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 such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any contract with the holders of any bonds or notes of the authority.