NY Pub Auth L § 563 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 3 - Triborough Bridge Authority 563 - Agreement of the State.

§ 563. Agreement of the state. 1. The state of New York does pledge to   and  agree  with  (a)  the  holders of the bonds that the state will not   limit or alter the rights hereby vested in the  authority  to  maintain,   reconstruct  and  operate  the  project,  to  establish and collect such   charges  and  tolls  as  may  be  convenient  or  necessary  to  produce   sufficient  revenue to meet the expense of maintenance and operation and   to fulfill the terms of any agreements made  with  the  holders  of  the   bonds,  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  proceedings  by  or  on  behalf  of  the   bondholders,  are  fully  met and discharged, and (b) the holders of any   bonds of the port authority issued in accordance with the terms  of  any   agreement  with  the  authority authorized hereby to finance the Narrows   bridge project or secured in whole  or  in  part  by  a  pledge  of  the   revenues  thereof  or  both  so issued and so secured until title to the   Narrows bridge is vested in the authority or the city,  that  the  state   will  not  limit  or  alter the rights hereby vested in the authority to   fulfill the terms of any agreements authorized hereby and made with  the   port  authority  respecting  the  Narrows  bridge  project or in any way   impair the rights and remedies of the port  authority  thereunder  until   the   obligations   of  the  authority  thereunder  are  fully  met  and   discharged.2. The state of New York does covenant and agree with the  holders  of   any  bonds  issued  after  January first, nineteen hundred forty that no   tunnel, bridge,  parkway,  causeway,  street,  road,  highway  or  other   connection for vehicular traffic (other than one of the projects), which   will  be  competitive  with  the Robert F. Kennedy bridge project or the   Whitestone bridge project or the  Throgs  Neck  bridge  project  or  the   Marine  parkway  bridge  project or the Cross Bay parkway bridge project   will be constructed or maintained until the bonds together with interest   thereon, interest on any unpaid installments of interest, and all  costs   and  expenses  in  connection  with  any  action or proceedings by or on   behalf of the bondholders, are fully met and discharged; provided that a   tunnel, bridge,  parkway,  causeway,  street,  road,  highway  or  other   connection for vehicular traffic shall be considered as competitive with   the Robert F. Kennedy bridge project or Whitestone bridge project or the   Throgs  Neck  bridge  project  only  if  it  shall form a connection for   vehicular traffic over, under, or across the  East  river  north  of  an   extension  to the east of the center line of Seventy-third street in the   borough of Manhattan, and shall be considered as  competitive  with  the   Marine  parkway  bridge project or Cross Bay parkway bridge project only   if such tunnel, bridge, parkway,  causeway,  street,  road,  highway  or   other  connection  for  vehicular  traffic  shall  form a connection for   vehicular traffic with Rockaway peninsula across any part of the  waters   of  Jamaica  bay  or  Rockaway  inlet  west  of  seventy-three  degrees,   forty-six minutes of  west  longitude.  The  covenant  herein  contained   restricting competitive traffic connections with any project or projects   shall  be  only for the benefit of the holders of bonds secured in whole   or in part by the pledge of the revenues of such  project  or  projects.   All  covenants of the state made with the holders of bonds issued before   January first, nineteen hundred and  forty,  are  hereby  confirmed  and   shall not be affected hereby.3.  The state of New York does pledge to and agree with the holders of   any bonds that no  tunnel,  bridge,  parkway,  causeway,  street,  road,   highway  or  other  connection  for  vehicular  traffic,  which  will be   competitive with the Queens Midtown tunnel or the Hugh L.  Carey  tunnel   or   the  Brooklyn  Richmond  tunnel  or  the  Narrows  bridge  will  be    constructed; provided that a tunnel, bridge, parkway, causeway,  street,   road,  highway  or  other  connection  for  vehicular  traffic  shall be   considered as competitive if it shall form a  connection  for  vehicular   traffic over, under or across the East river south of Queensboro bridge,   or,  if  it  shall  form  a connection for vehicular traffic between the   boroughs of Manhattan, Brooklyn or Richmond over, under  or  across  New   York  bay. The covenant herein contained restricting competitive traffic   connections with any project or projects shall be only for  the  benefit   of the holders of bonds secured in whole or in part by the pledge of the   revenues  of  such  project or projects and subject to and in accordance   with all contract provisions with respect to any  bonds  outstanding  on   January first, nineteen hundred fifty-five and the rights of the holders   of  such  bonds,  the  covenant  herein contained shall not be deemed to   prevent the construction of any bridge or tunnel exclusively for railway   rapid transit purposes.