N.Y. Public Authorities Law § 2442: Agreement of the state

§ 2442. Agreement of the state. (1) The state of New York does hereby

pledge to and agree with the holders of any bonds, notes or tax lien

collateralized securities issued under this title that the state will

not limit or alter the rights hereby vested in the agency to fulfill the

terms of any agreements made with the holders thereof, or in any way

impair the rights and remedies of such holders until such bond, notes or

tax lien collateralized securities together with the interest thereon,

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

expenses in connection with any action or proceedings 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 the

holders of such bonds, notes or tax lien collateralized securities.

Nothing contained in this title shall be deemed to restrict any right of

the state to amend, modify, repeal or otherwise alter (a) any provision

of law relating to state aid, or (b) statutes imposing or relating to

taxes or fees, or (c) appropriations relating thereto.

(2) The agency shall not include within any resolution, contract or

agreement with holders of the bonds, notes or other obligations issued

under this title any provision which provides that a default occurs as a

result of the state exercising its right to amend, modify, or repeal or

otherwise alter (a) any provision of law relating to state aid; or (b)

statutes imposing or relating to taxes or fees, or (c) appropriations

relating thereto. Nothing in this title shall be deemed to obligate the

state to make any payments or impose any taxes to satisfy the debt

service obligations of the agency.