N.Y. Public Authorities Law § 2669-b: Agreement with county

§ 2669-b. Agreement with county. 1. The county is authorized to pledge

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

pursuant to this title and secured by such 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 county 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, collect and adjust

rates, rents, fees and other charges referred to in this title, to

fulfill the terms of any agreements made with the holders of the bonds

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

part thereof, or in any way 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.

2. (a) Nothing contained in this title shall be deemed to restrict the

right of the county to repeal the sales and compensating use taxes

imposed pursuant to the authority of section twelve hundred ten-C of the

tax law, provided such county imposes sales and compensating use taxes

pursuant to the authority of section twelve hundred ten of the tax law

at a rate not less than one-half of one percent, or, if the county does

not impose such taxes pursuant to the authority of section twelve

hundred ten-C of the tax law, to reduce the rate of such taxes imposed

pursuant to the authority of such section twelve hundred ten of the tax

law to a rate not less than one-half of one percent, or to amend, modify

or otherwise alter such taxes or appropriations relating thereto or to

amend, modify, repeal or otherwise alter other taxes or fees or

appropriations relating thereto.

(b) 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 county exercising its right

to reduce, as described in paragraph (a) of this subdivision, the rate

of, amend, modify or otherwise alter such sales and compensating use

taxes or related appropriations, or its right to amend, repeal, modify

or otherwise alter any such other tax, fee or appropriation a default

will occur.

3. Nothing in this title shall be deemed to obligate the county to

make additional payments or impose any taxes to satisfy the debt service

obligations of the authority.