N.Y. Public Authorities Law § 3241: Agreement with the state

§ 3241. Agreement with the state. 1. The state does hereby pledge to

and agree with the holders of any bonds or notes issued under this title

and with the providers of any bond or note facilities that the state

will not limit or alter the rights hereby vested in the corporation to

fulfill the terms of any agreements made with the said holders or the

said providers, or in any way impair the rights and remedies of such

holders or providers until such bonds and notes, together with the

interest thereon, with interest on any unpaid installments of interest,

and all obligations of the corporation to such providers, and all costs

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

of such holders or providers, are fully met and discharged. The

corporation is authorized to include this pledge and agreement of the

state in any agreement with the holders of such bonds or notes or with

any such providers.

2. In order to induce prospective purchasers to purchase bonds and

notes of the corporation, the state hereby further pledges and agrees

with the holders of bonds and notes of the corporation that, while any

bonds or notes of the corporation are outstanding, the state will abide

by and not amend the provisions of section three thousand two hundred

forty-one-a of this title other than amendments which implement or

clarify any ambiguity in its terms in ways that do not have a material

adverse effect on the protections established in such section. The

corporation shall include the pledge and agreement set forth herein in

any agreement with the holders of its bonds and notes.