N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 613: Agreement of the state

§ 613. Agreement of the state. The state does pledge to and agree with

the holders of any and all bonds and notes of the corporation that the

state will not authorize any officer or agency of government, other than

the corporation, or any private person, to conduct off-track betting in

the city on horse races, nor in any manner limit or alter the rights

hereby vested in the corporation to fulfill the terms of any agreements

made with the said holders, or in any way impair the rights and remedies

of such holders until the bonds and notes, together with the interest

thereon, interest on any unpaid installments of interest, and all costs

and expenses in connection with any action or proceeding by or on behalf

of such holders, are fully met and discharged. The corporation is

authorized to include this pledge and agreement of the state in any

agreement with the holders of such bonds or notes.