N.Y. Public Authorities Law § 1199-mm: Agreement with the state

* § 1199-mm. 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 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 and to fulfill the terms of any agreement made with or for the

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

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

impair the rights and remedies of the bondholders, until the bonds,

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. The authority is authorized to include this pledge and

agreement of the state in any agreement with bondholders.

* NB There are 2 § 1199-mm's