General Municipal Law 868 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 866 Notes of the agency up TITLE 1 Agencies, Organization and Powers next SECTION 870 State and municipality not liable on bonds or notes Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 868 Agreements of the municipality and state General Municipal (GMU) CHAPTER 24, ARTICLE 18-A, TITLE 1 § 868. Agreements of the municipality and state. The municipality is authorized to, and the state does hereby, pledge to and agree with the holders of the bonds or notes that neither the municipality nor the state, respectively, will limit or alter the rights, hereby vested in the agency to acquire, construct, reconstruct, improve, maintain, equip and furnish the project or projects, to establish and collect rentals, fees and other charges and to fulfill the terms of any agreements made with the holders of the bonds or notes nor in any way impair the rights and remedies of the bondholders or noteholders until the bonds or notes, 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 or noteholders are fully met and discharged.