* § 158-a. Covenants of the state. 1. The state of New York does
pledge to and agree with the holders of any bonds issued pursuant to
this act after January first, nineteen hundred thirty-nine that it will
not limit or alter the rights hereby vested in the authority to
construct, reconstruct, operate and maintain the parkway, bridges and
other improvements, or any of them, and to collect revenues therefrom as
authorized in this title insofar as such rights may be necessary in
order that the authority may fulfill the terms of any agreements made
with the holders of such bonds and that it will not in any way impair
the rights and remedies of the holders of such bonds until the bonds,
together with interest thereon, with interest on any unpaid installments
of principal and interest and all costs and expenses in connection with
any suits, actions or proceedings by or on behalf of the bondholders are
fully met and discharged.

2. The state of New York does pledge to and agree with the holders of
any bonds issued pursuant to this title after January first, nineteen
hundred thirty-nine which are secured by a pledge of the revenues of
Jones Beach parkway that it will not authorize or permit the
construction or maintenance of any parkway, causeway, bridge, tunnel,
street, road, highway or other connection for vehicular traffic which
will be competitive with Jones Beach parkway until such bonds together
with interest thereon, with interest on any unpaid installments of
principal and interest and all costs and expenses in connection with any
suits, actions or proceedings by or on behalf of the bondholders are
fully met and discharged; provided that a parkway, causeway, bridge,
tunnel, street, 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 mainland of Long Island and the island
of Long Beach east of the most easterly point of the present city of
Long Beach or between the mainland of Long Island and the island on
which Jones Beach park is located west of the most easterly point of Oak
island, or between the island of Long Beach and the island on which
Jones Beach park is located.

3. The state of New York does pledge to and agree with the holders of
any bonds issued pursuant to this title after January first, nineteen
hundred thirty-nine which are secured by a pledge of the revenues of
Captree bridge, that it will not authorize or permit the construction or
maintenance of any parkway, causeway, bridge, tunnel, street, road,
highway or other connection for vehicular traffic which shall be
competitive with Captree bridge until such bonds, together with interest
thereon, with interest on any unpaid installments of principal and
interest, and all costs and expenses in connection with any suits,
actions or proceedings, by or on behalf of the bondholders, are fully
met and discharged; provided that a parkway, causeway, bridge, tunnel,
street, road, highway or other connection for vehicular traffic shall be
considered as competitive only if it shall form a connection for
vehicular traffic across Great South bay between the mainland on Long
Island and either the island of Jones Beach or Fire island beach east of
Wantagh state parkway and west of Smith point.

* NB (Authority abolished June 30, 1978)