2014 New York Laws
PBA - Public Authorities
Article 10-D - MISCELLANEOUS AUTHORITIES
Title 1 - (3650 - 3672) NASSAU COUNTY INTERIM FINANCE AUTHORITY
3658 - Agreement with the state.

  3658. Agreement with the state. The state does hereby pledge to and
  agree with the holders of any issue of bonds  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  until  such  bonds,  together  with  the
  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.
  Nothing contained in this title shall be deemed to restrict the right of
  the state 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 issued under this title  any  provision  which
  provides  that  a default occurs as a result of the state exercising its
  right to amend, repeal, modify or otherwise alter such taxes,  fees,  or
  appropriations.  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.