N.Y. Public Authorities Law § 1021-k: Agreement of the state

§ 1021-k. Agreement of the state. The state does hereby pledge to and

agree with the holders of any bonds, notes or other obligations issued

by the authority under this title, that the state will not limit or

alter the rights hereby vested in the authority to establish and collect

the revenues and other charges referred to in this title and to fulfill

the terms of any agreements made with or for the benefit of the holders

of the securities, or in any way impair the rights and remedies of the

bondholders until such securities are fully met and discharged. The

authority is authorized to include this pledge of the state in all

agreements by the authority with the holders of its securities. Nothing

contained in this article shall be deemed to restrict any right of the

state or municipality to amend, modify, repeal or otherwise alter

statutes imposing or relating to taxes or fees, or appropriations

relating thereto. The authority shall not include within any resolution,

contract or agreement with holders of the bonds, notes or other

obligations issued under this article any provision which provides that

a default occurs as a result of the state or of a municipality

exercising its right to amend, modify, or repeal or otherwise alter any

statute imposing or relating to taxes, fees, or appropriations relating

thereto.