N.Y. Public Authorities Law § 1115-s: Agreement of the state

§ 1115-s. Agreement of 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 the bonds, or

in any way impair the rights and remedies of the 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.