N.Y. Public Authorities Law § 539: Powers of the comptroller

§ 539. Powers of the comptroller. Whenever the state and the funds of

which the comptroller is custodian or trustee, or any of them, shall be

the owner of any bonds or notes of the authority the comptroller is

hereby authorized as to any of such bonds or notes: (a) by agreement

with the authority to modify the terms of such bonds or notes or the

terms of any contract affecting or securing such bonds or notes,

provided that no such agreement shall reduce the principal amount of

such bonds or notes or in the opinion of the comptroller jeopardize the

payment of the principal thereof or the interest thereon at the rate

thereafter payable thereon and provided that any agreement relating to

toll rates shall be approved by the commissioner; (b) to sell such bonds

or notes to the authority at a price not less than the principal amount

thereof and accrued interest; (c) to surrender such bonds or notes to

the authority in exchange for other bonds or notes of the authority in a

principal amount not less than the principal amount of the bonds or

notes surrendered, with such cash adjustments as the comptroller may

deem proper; (d) to make such agreements and to do such acts and things

as the comptroller shall deem necessary or convenient to exercise the

powers hereby conferred; provided, however, that nothing done under the

provisions of this section shall in any manner affect the rights of

other bondholders or noteholders.