2015 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 6 - (Racing, Pari-Mutuel Wagering and Breeding Law) NEW YORK CITY OFF-TRACK BETTING CORPORATION
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.