N.Y. Public Authorities Law § 3658: Agreement with the state

§ 3658. Agreement with the state. The state does hereby pledge to and

agree with the holders of any issue of bonds issued by the authority

pursuant to this title and secured by such a pledge that the state will

not limit, alter or impair 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 until such bonds, 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. The authority is authorized to include this pledge and

agreement of the state in any agreement with the holders of such bonds.

Nothing contained in this title shall be deemed to restrict the right of

the state to amend, modify, repeal or otherwise alter statutes imposing

or relating to taxes or fees, or appropriations relating thereto. The

authority shall not include within any resolution, contract or agreement

with holders of the bonds issued under this title any provision which

provides that a default occurs as a result of the state exercising its

right to amend, repeal, modify or otherwise alter such taxes, fees, or

appropriations. Nothing in this title shall be deemed to obligate the

state to make any payments or impose any taxes to satisfy the debt

service obligations of the authority.