N.Y. Public Authorities Law § 2490-m: Agreement with the state

§ 2490-m. Agreement with the state. The state hereby pledges to and

agrees 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 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

authority is authorized to include this pledge and agreement of the

state in any agreement with bondholders.