N.Y. Public Authorities Law § 1147-p: Agreement with the state

§ 1147-p. Agreement with the state. The state does hereby pledge to

and agree with the holders of any bonds or notes issued by the authority

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

hereby vested in the authority to purchase, construct, maintain,

operate, repair, improve, increase, enlarge, extend, reconstruct,

renovate, rehabilitate or dispose of any project, or any part or parts

thereof, for which bonds of the authority shall have been issued, to

establish and collect rates, rents, fees and other charges referred to

in this title to fulfill the terms of any agreement made with or for the

benefit of the holders of bonds or notes or with any public corporation

or person with reference to such project or part thereof, or in any way

to impair the rights and remedies of bondholders until the bonds or

notes, together with the interest thereon, including 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, provided, however, that this section shall not be

construed to limit in any manner, the ability of the state to alter,

amend or enforce laws or regulations to protect public health and the

environment. The authority is authorized to include this pledge and

agreement of the state in any agreement with bondholders.