This is not the official budget document.

Budget Summary FY2016

Outside Section 208
Data Current as of:  8/19/2015




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MBTA 9

SECTION 208.   Notwithstanding any other section of this act, no existing rights of the holders of bonds, notes and other financing obligations issued by or on behalf of the authority under chapter 161A of the General Laws shall be impaired and nothing in this act shall be construed to alter or grant the power to alter existing agreements securing the bonds or other obligations, hedge agreements or investment contracts pertaining thereto, other than in accordance with their terms. The authority shall maintain the covenants and agreements of the trust agreements, bond resolutions and other instruments pertaining to such bonds and other obligations secured thereunder so long as such bonds and other obligations shall remain outstanding. The control board shall not control and shall not have the power to alter or otherwise impair the trust imposed in the third paragraph of subsection (a) of section 35T of chapter 10 of the General Laws and shall not have the power to alter or otherwise impair the other commonwealth covenants set forth in said third paragraph of said subsection (a) of said section 35T of said chapter 10. The commonwealth hereby re-affirms such trust and other covenants.