2012 New York Consolidated Laws
PBA - Public Authorities
Article 10-D - MISCELLANEOUS AUTHORITIES
Title 3 - (3950 - 3973) ERIE COUNTY FISCAL STABILITY AUTHORITY
3966 - Agreement with the state.

 
    §  3966.  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 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, modify, or 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, 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.