N.Y. NYS Financial Emergency Act for the city of NY 868/75 § 3: General rights and prohibitions

* § 3. General rights and prohibitions. 1. Neither the city nor any

covered organization shall borrow or expend any monies, or in any way,

directly or indirectly, expressly or implicitly, engage its credit

during any control period except in compliance with the provisions of

this act.

2. Nothing contained in this act shall limit the right of the city or

any covered organization to comply with the provisions of any existing

contract with or for the benefit of the holders of any bonds or notes of

the city or such covered organization or any public authority or public

benefit corporation.

3. Nothing contained in this act shall be construed to impair the

right of employees to organize or to bargain collectively.

* Terminates July 1, 2035 or ... see § 13