NY Pub Auth L § 158-A (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 3 - Jones Beach State Parkway Authority 158-A - Covenants of the State.

*  §  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)