Legislation
SECTION 2049-N
Agreement with the town
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 13-F
§ 2049-n. Agreement with the town. The town is authorized to pledge to
and agree with the holders of any bonds issued by the authority pursuant
to this title that the town will not limit or impair the rights hereby
vested in the authority to purchase, construct, maintain, operate,
repair, improve, increase, enlarge, extend, reconstruct, renovate,
rehabilitate or dispose of any project, or any part or parts thereof,
for which bonds of the authority shall have been issued, to establish
and collect rates, rents, fees and other charges referred to in this
title and to fulfill the terms of any agreements made with the holders
of the bonds or with any public corporation or person with reference to
such project or part thereof, 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.
and agree with the holders of any bonds issued by the authority pursuant
to this title that the town will not limit or impair the rights hereby
vested in the authority to purchase, construct, maintain, operate,
repair, improve, increase, enlarge, extend, reconstruct, renovate,
rehabilitate or dispose of any project, or any part or parts thereof,
for which bonds of the authority shall have been issued, to establish
and collect rates, rents, fees and other charges referred to in this
title and to fulfill the terms of any agreements made with the holders
of the bonds or with any public corporation or person with reference to
such project or part thereof, 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.