1021-K - Agreement of the state. - New York Statutes

§ 1021-k. Agreement of the state. The state does hereby pledge to and agree with the holders of any bonds, notes or other obligations issued by the authority under this title, that the state will not limit or alter the rights hereby vested in the authority to establish and collect the revenues and other charges referred to in this title and to fulfill the terms of any agreements made with or for the benefit of the holders of the securities, or in any way impair the rights and remedies of the bondholders until such securities are fully met and discharged. The authority is authorized to include this pledge of the state in all agreements by the authority with the holders of its securities. Nothing contained in this article shall be deemed to restrict any right of the state or municipality 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, notes or other obligations issued under this article any provision which provides that a default occurs as a result of the state or of a municipality exercising its right to amend, modify, or repeal or otherwise alter any statute imposing or relating to taxes, fees, or appropriations relating thereto.