N.Y. Public Authorities Law § 2051-m: Agreement with the state

§ 2051-m. 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, 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 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 to 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.