N.Y. Public Authorities Law § 1500-j: Agreements of New York state

§ 1500-j. Agreements of New York 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 authorities who

may enter into contracts with the authority pursuant to the provisions

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

vested in the authority by this title to purchase, construct, own and

operate, maintain, repair, improve, reconstruct, renovate, rehabilitate,

enlarge, increase and extend, or dispose of any covered project, or any

part or parts thereof for which bonds of the authority shall have been

issued, to establish and collect rentals, 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 the bonds, or

with any person or public authority with reference to such covered

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

of the bondholders, 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. The authority is

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

agreement with the holders of bonds.