N.Y. Public Authorities Law § 3659: Agreement with the county

§ 3659. Agreement with the county. The county is authorized to 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

county 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. Nothing contained in this title shall be deemed to

restrict any right of the county to amend, modify or otherwise alter

local laws, ordinances or resolutions imposing or relating to the taxes

imposed pursuant to the authority of article twenty-nine of the tax law

or other taxes or fees or appropriations related to any such taxes or

fees, so long as, after giving effect to such amendment, modification or

other alteration, the amount of tax revenues projected by the authority

to be available during each of its fiscal years following the effective

date of such amendment, modification or other alteration shall be not

less than two hundred percent of maximum annual debt service on

authority bonds then outstanding. Subject to the foregoing sentence, the

authority shall not include in any resolution, contract or agreement

with the holders of its bonds any provision which provides that a

default occurs as a result of the county exercising its right to amend,

modify, or otherwise alter such taxes imposed pursuant to the authority

of article twenty-nine of the tax law or other taxes or fees. Nothing in

this title shall be deemed to obligate the county to make additional

payments or impose taxes other than those imposed pursuant to the

authority of paragraph one of subdivision (a) of section twelve hundred

ten of the tax law to satisfy the debt service obligations of the

authority.