N.Y. Public Authorities Law § 1392: Agreement of state on authority rights

§ 1392. Agreement of state on authority rights. The state of New York

does pledge to and with the bondholders that the state will not limit or

alter the rights hereby vested in the authority to acquire, construct,

maintain, reconstruct and operate a project or projects, to establish

and collect rates, fees, rentals and other charges, and to fulfill the

terms of agreements made with the bondholders, or in any way impair the

rights and remedies of the bondholders until the bonds, together with

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

and all costs and expenses in connection with an action or proceeding by

or on behalf of the bondholders are fully met and discharged. No

provision of this title shall be deemed to limit the power of the

legislature to authorize the state or a political subdivision thereof to

acquire properties of the authority and pay the indebtedness thereof.