N.Y. Public Authorities Law § 2799-ii: Agreement with the state

§ 2799-ii. Agreement with the state. The state does hereby pledge and

agree with the holders of any issue of bonds and/or bond anticipation

notes secured by such a pledge that the state will not limit or alter

the rights hereby vested in the authority to fulfill the terms of any

agreements made with such holders pursuant to this title, or in any way

impair the rights and remedies of such holders or the security for such

bonds and/or bond anticipation notes until such bonds and/or bond

anticipation notes, together with the interest thereon and all costs and

expenses in connection with any action or proceeding by or on behalf of

such holders, are fully paid and discharged. Nothing contained in this

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

modify, repeal or otherwise alter statutes imposing or relating to the

taxes payable to the authority pursuant to subsection (d) of section

eight hundred seventy-three and section thirteen hundred thirteen of the

tax law, but such taxes shall in all events continue to be so payable so

long as any such taxes are imposed. Not less than thirty days prior to

the beginning of each city fiscal year, the chairperson of the authority

shall certify to the state comptroller, the governor, and the members of

the board of directors of the authority a schedule of maximum annual

debt service payments due on the bonds and notes of the corporation then

outstanding. To the extent that the tax revenues payable to the

authority under subsection (d) of section eight hundred seventy-three

and section thirteen hundred thirteen of the tax law during such fiscal

year are projected by the mayor to be insufficient to meet at least one

hundred fifty percent of maximum annual debt service on authority bonds

then outstanding, the mayor shall so notify the state comptroller and

the state comptroller shall pay to the authority from alternative

revenues such amount as is necessary to provide at least one hundred

fifty percent of the maximum annual debt service; provided, however,

that for so long as any indebtedness of the municipal assistance

corporation for the city of New York remains outstanding no alternative

revenues that are, as of the effective date of this title, or may in the

future be, required to be deposited in the municipal assistance tax fund

established under section ninety-two-d of the state finance law shall be

paid to the authority except out of funds that are otherwise required to

be paid to the city under such section of the state finance law. Nothing

in this section shall be deemed to obligate the state to make any

additional payments or impose any taxes to satisfy the debt service

obligations of the authority.