N.Y. General Municipal Law § 868: Agreements of the municipality and state

§ 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.