2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 18 - (2430 - 2454) STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY ACT
2442 - Agreement of the state.

 
    §  2442. Agreement of the state. (1) The state of New York does hereby
  pledge to and agree with the holders of any bonds,  notes  or  tax  lien
  collateralized  securities  issued  under this title that the state will
  not limit or alter the rights hereby vested in the agency to fulfill the
  terms of any agreements made with the holders thereof,  or  in  any  way
  impair the rights and remedies of such holders until such bond, notes or
  tax  lien  collateralized securities together with the interest thereon,
  with interest on any unpaid installments of interest, and all costs  and
  expenses in connection with any action or proceedings by or on behalf of
  such  holders, are fully met and discharged. The agency is authorized to
  include this pledge and agreement of the state in any agreement with the
  holders of such bonds, notes  or  tax  lien  collateralized  securities.
  Nothing contained in this title shall be deemed to restrict any right of
  the  state to amend, modify, repeal or otherwise alter (a) any provision
  of law relating to state aid, or (b) statutes imposing  or  relating  to
  taxes or fees, or (c) appropriations relating thereto.
    (2)  The  agency  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) any provision of law relating to state aid;  or  (b)
  statutes  imposing  or  relating to taxes or fees, or (c) 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 agency.