N.Y. Public Authorities Law § 3866: Agreement with the state

§ 3866. Agreement with the state. 1. The state does hereby pledge to

and agree with the holders of any issue of bonds, notes or other

obligations 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, notes or other obligations until such bonds, notes or other

obligations 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, notes or other obligations. Nothing contained

in this title shall be deemed to restrict any right of the state to

amend, modify, repeal or otherwise alter: (a) section fifty-four of the

state finance law or any other provision relating to state aid, or (b)

statutes imposing or relating to taxes or fees, or appropriations

relating thereto.

2. The authority shall not include within any resolution, contract or

agreement with holders of the bonds, notes or other obligations 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: (a) section fifty-four of the state finance law or any

other provision relating to state aid or (b) statutes imposing or

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