N.Y. Public Authorities Law § 1312: Agreement of the state

§ 1312. Agreement of the state. The state does hereby pledge to and

agree with the holders of any notes or bonds issued under this title,

that the state will not limit or alter the rights hereby vested in the

authority to fulfill the terms of any agreements made with the holders

thereof, or in any way impair the rights and remedies of such holders

until such notes or bonds, together with the interest thereon, with

interest on any unpaid installments of interest, and all costs and

expenses for which the authority is liable 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 the holders of such notes

or bonds.