N.Y. Public Authorities Law § 2050-mm: Agreement with the state

§ 2050-mm. Agreement with the state. The state does hereby pledge to

and agree with the holders of any bonds issued by the authority pursuant

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

vested in the authority to purchase, construct, own and operate,

maintain, repair, improve, increase, enlarge, extend, reconstruct,

renovate, rehabilitate 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 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, 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 such holders, are fully met and

discharged; provided, however, that this section shall not be construed

to limit in any manner the ability of the state to alter, amend, or

enforce laws or regulations to protect public health and the

environment. The authority is authorized to include this pledge and

agreement of the state in any agreement with bondholders.