N.Y. Public Authorities Law § 1271: Agreement of the state

§ 1271. Agreement of the state. The state does hereby pledge to and

agree with the authority and its subsidiaries, New York city transit

authority and its subsidiaries, and Triborough bridge and tunnel

authority, and the holders of any notes, bonds or other obligations,

including lease obligations, issued or incurred under this title, that

the state will not limit or alter the denial of authority under

subdivision nine of section twelve hundred sixty-nine of this title, or

the rights and powers vested in the authority and its subsidiaries, New

York city transit authority and its subsidiaries, and Triborough bridge

and tunnel authority by this title to fulfill the terms of any

agreements made by any of them with the holders thereof, or in any way

impair the rights and remedies of such holders until such notes, bonds

or other obligations, including lease obligations, together with the

interest thereon, with interest on any unpaid installments of interest,

and all costs and expenses for which the authority or its subsidiaries,

New York city transit authority and its subsidiaries, and Triborough

bridge and tunnel authority is liable in connection with any action or

proceeding by or on behalf of such holders, are fully met and

discharged. The authority and its subsidiaries, New York city transit

authority and its subsidiaries, and Triborough bridge and tunnel

authority are each authorized to include this pledge and agreement of

the state in any agreement with the holders of such notes, bonds or

other obligations, including lease obligations.