N.Y. Public Authorities Law § 1230-r: Agreement with the state

§ 1230-r. 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 and with those persons or public corporations who may

enter into contracts with the authority or the water board, pursuant to

the provisions of this title that the state will not alter, limit or

impair the rights hereby vested in the authority or the water board to

purchase, construct, own and operate, maintain, repair, improve,

reconstruct, renovate, rehabilitate, enlarge, increase and extend, 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 contracts or agreements made with or for the benefit of the

holders of bonds or with any person or public corporation with reference

to such project or part thereof, or in any way to impair the rights and

remedies of the holders of bonds, until the bonds, together with

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 the holders of bonds, are fully met and

discharged and such contracts are fully performed on the part of the

authority or the water board, as the case may be. The authority is

authorized to include this pledge and agreement of the state in any

agreement with the holders of bonds.