N.Y. Public Authorities Law § 3565: Agreement with state

§ 3565. Agreement with state. The state does hereby pledge to and

agree with the holders of any bonds issued by the corporation pursuant

to this title and with those persons or public corporations who may

enter into contracts with the corporation pursuant to the provisions of

this title that the state will not alter, limit or impair the rights

hereby vested in the corporation 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 corporation 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 corporation 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 corporation, provided, however, that the

state reserves the right to adjust its medicaid rates in accordance with

applicable law and implementing regulations, if any. The corporation

shall include this pledge and agreement of the state in any agreement

with the holders of bonds. In no event shall the provisions of this

section limit the applicability and enforceability of any and all terms

and conditions included in any contract or contracts entered into

pursuant to subdivision two of section four hundred three of the public

health law.