N.Y. Public Authorities Law § 2047-m: Agreement with the state

§ 2047-m. Agreement with the state. The state does hereby pledge to

and agree with the holders of any bonds issued by the agency pursuant to

this title that the state will not alter or limit the rights hereby

vested in the agency to purchase, construct, maintain, operate, repair,

improve, increase, enlarge, extend, reconstruct, renovate, rehabilitate

or dispose of any project, or any part or parts thereof, for which bonds

of the agency 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 agreement made with or for the benefit of the holders of

bonds or with any public corporation or person with reference to such

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

bondholders, until the bonds, together with the interest thereon, with

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

expenses in connection with any action or proceeding by or on behalf of

such holders, are fully met and discharged. The agency is authorized to

include this pledge and agreement of the state in any agreement with

bondholders.