N.Y. Public Authorities Law § 1232-l: Agreement of the state

§ 1232-l. 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 to finance or refinance the acquisition, design,

construction, reconstruction, rehabilitation and improvement of

facilities 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 state does also 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 of the county to assess,

levy and collect special assessments within the district or the county's

ability to collect any such charges, rents or fees. The authority is

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

agreement with bondholders. Notwithstanding any provision to the

contrary, nothing contained in this title shall be deemed to restrict

the right of the state or county of Nassau to amend, modify or otherwise

alter laws, ordinances, resolutions or agreements imposing or relating

to taxes or fees or appropriations relating thereto. The authority shall

not include in any resolution or contract or agreement with the holder

of its bonds any provision which provides that a default shall occur as

a result of the state or county exercising its right to amend, modify or

otherwise alter laws, ordinances, resolutions or agreements imposing or

relating to taxes or fees or appropriations relating thereto.