N.Y. Public Authorities Law § 2977: Applicability of title

§ 2977. Applicability of title. 1. The provisions of this title shall

not be construed to, nor shall they be implemented in such a manner as

to:

(a) require the application of monies pledged to the security of

bonds, notes or other obligations in violation of applicable bond

covenants; or

(b) otherwise impair the rights of bondholders of the public benefit

corporations affected by this title.

2. To the extent precluded by interstate or international compact

which creates any public benefit corporation, the provisions of this

title shall not apply to any such public benefit corporation until the

passage of legislation, by the other party to such compact, which

validates or has the same effect as this title.