N.Y. Public Authorities Law § 1011: Agreement of the state

§ 1011. Agreement of the state. 1. The state of New York does hereby

pledge to and agree with the holders of any obligations issued under

this title, and with those parties who may enter into contracts with the

authority pursuant to the provisions in sub-paragraph five or six of

section one thousand five above, that the state will not limit or alter

the rights hereby vested in the authority until such obligations

together with the interest thereon are fully met and discharged and/or

such contracts are fully performed on the part of the authority,

provided that nothing herein contained shall preclude such limitation or

alteration if and when adequate provision shall be made by law for the

protection of the holders of such obligations of the authority or those

entering into such contracts with the authority. The authority as agent

for the state is authorized to include this pledge and undertaking for

the state in such obligations or contracts.

2. Nothing in this title shall be construed as diminishing or

enlarging any valid existing rights under any license heretofore issued

pursuant to the provisions of the federal power act.