2019 New York Laws
PBA - Public Authorities
Article 10-D - Miscellaneous Authorities
Title 1 - Nassau County Interim Finance Authority
3659 - Agreement With the County.

§  3659. Agreement with the county. The county is authorized to 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
  county 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.  Nothing  contained  in  this  title shall be deemed to
  restrict any right of the county to amend,  modify  or  otherwise  alter
  local  laws, ordinances or resolutions imposing or relating to the taxes
  imposed pursuant to the authority of article twenty-nine of the tax  law
  or  other  taxes  or fees or appropriations related to any such taxes or
  fees, so long as, after giving effect to such amendment, modification or
  other alteration, the amount of tax revenues projected by the  authority
  to  be available during each of its fiscal years following the effective
  date of such amendment, modification or other alteration  shall  be  not
  less  than  two  hundred  percent  of  maximum  annual  debt  service on
  authority bonds then outstanding. Subject to the foregoing sentence, the
  authority shall not include in any  resolution,  contract  or  agreement
  with  the  holders  of  its  bonds  any  provision which provides that a
  default occurs as a result of the county exercising its right to  amend,
  modify,  or otherwise alter such taxes imposed pursuant to the authority
  of article twenty-nine of the tax law or other taxes or fees. Nothing in
  this title shall be deemed to obligate the  county  to  make  additional
  payments  or  impose  taxes  other  than  those  imposed pursuant to the
  authority of paragraph one of subdivision (a) of section twelve  hundred
  ten  of  the  tax  law  to  satisfy  the debt service obligations of the
  authority.