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

* § 1199-mmmm. 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 water and sewer 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-mmmm's