N.Y. Private Housing Finance Law § 48: Agreement with the state

§ 48. Agreement with the state. The state does hereby pledge to and

agree with the holders of any notes or bonds issued under this article,

that the state will not limit or alter the rights hereby vested in the

agency to fulfill the terms of any agreements made with the holders

thereof, or in any way impair the rights and remedies of such holders

until such notes or bonds, together with the 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

such holders, are fully met and discharged. The agency is authorized to

include this pledge and agreement of the state in any agreement with the

holders of such notes or bonds.