N.Y. Public Authorities Law § 1048-t: Agreement with the state

§ 1048-t. Agreement with the state. The state does hereby pledge to

and agree with the holders of any bonds issued by the authority pursuant

to this title that the state will not alter or limit the rights hereby

vested in the authority or the water board to fulfill the terms of any

agreement made with or for the benefit of the holders of bonds, or in

any way impair the rights and remedies of bondholders, until the 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 authority is authorized to include this pledge and

agreement of the state in any agreement with bondholders.