2019 New York Laws
PBA - Public Authorities
Article 10-D - Miscellaneous Authorities
Title 3 - Erie County Fiscal Stability Authority
3967 - Agreement With the County.

§  3967.  Agreement  with the county. 1. The county shall covenant 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
covenant  and  agreement 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,  notes  or  other  obligations,  until such bonds, notes or other
obligations, 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 covenant and agreement of the county  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
county  to  amend,  modify,  repeal  or  otherwise alter any local laws,
ordinances or resolutions imposing or relating  to  taxes  or  fees,  or
appropriations  relating  to  such  taxes  or  fees, or setting aside or
allocating and applying, paying or using net collections pursuant to the
authority of subdivision (a), (c)  or  (d)  of  section  twelve  hundred
sixty-two  of  the  tax  law,  so  long  as, after giving effect to such
amendment, modification or other alteration,  the  aggregate  amount  as
then  projected by the authority of (i) sales and compensating use taxes
to be imposed by the county pursuant to the authority of  subpart  B  of
part one of article twenty-nine of the tax law; and
  (ii)  all  such net collections to be set aside or to be allocated and
applied, paid or used by the county pursuant to the authority of section
twelve hundred sixty-two of the tax law during each of  the  authority's
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, notes or
other obligations then  outstanding.  Notwithstanding  anything  to  the
contrary in this section, the county further agrees that it shall impose
taxes  pursuant  to  the  authority of subdivision (a) of section twelve
hundred ten of the tax law at the rate of no less than three percent.
  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 county exercising its right to amend,  modify,  repeal  or
otherwise   alter  such  taxes,  fees  or  appropriations  or  such  net
collections. Nothing in this title  shall  be  deemed  to  obligate  the
county to make any payments or impose any taxes or set aside or allocate
and  apply,  pay  or  use  net  collections pursuant to the authority of
section twelve hundred sixty-two of the tax law; except that the  county
shall  impose  taxes  pursuant  to  the  authority of subdivision (a) of
section twelve hundred ten of the tax law at the rate of  no  less  than
three percent.