N.Y. Public Authorities Law § 2669-a: Agreement with state

§ 2669-a. Agreement with state. The state does hereby pledge to and

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

this title and secured by a pledge, and with those persons or public

authorities who may enter into contracts with the authority pursuant to

the provisions of this title that the state will not alter, limit or

impair the rights hereby vested in the authority to purchase, construct,

own and operate, maintain, repair, improve, reconstruct, renovate,

rehabilitate, enlarge, increase and extend, 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 contracts

or agreements made with or for the benefit of the holders of bonds or

with any person or public authority with reference to such project or

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

holders of bonds, until the bonds, together with 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 the holders of bonds, are fully met and discharged and such contracts

are fully performed on the part of the authority. The authority is

authorized to include this pledge and agreement of the state in any

agreement with the holders of bonds. Nothing contained in this title

shall be deemed to restrict the right of the state to amend, modify,

repeal or otherwise alter statutes imposing or relating to taxes or fees

or appropriations relating thereto. The authority shall not include in

any resolution, contract or agreement with the holders of its bonds, or

such persons or public authorities who may enter into contracts with the

authority, any provision stating that, as a result of the state

exercising its right to amend, repeal, modify or otherwise alter any

such tax, fee or appropriation a default will occur. Nothing in this

title shall be deemed to obligate the state to make additional payments

or impose any taxes to satisfy the debt service obligations of the

authority.