N.Y. Public Authorities Law § 1570-i: Agreement with state

§ 1570-i. Agreement with 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 project, or any part or parts

thereof for which bonds of the authority shall have been issued, to

establish and collect rates, rents, 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 bonds or with any person or

public authority with reference to such project or part thereof, or in

any way to impair the rights and remedies of the holders of bonds, 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. Nothing contained in this title shall be deemed to

restrict the right of the state to amend, modify, repeal or otherwise

alter laws, ordinances, resolutions or agreements imposing or relating

to taxes or fees, or appropriations relating thereto. There shall not be

included in any resolution, contract or agreement with holders of the

bonds or other obligations any provision which provides that a default

shall occur as a result of the state exercising its right to amend,

repeal, modify or otherwise alter such laws, ordinances, resolutions or

agreements.