N.Y. PBA Law § 3966

§ 3966. Agreement with the state. 1. The state does hereby pledge to\nand agree with the holders of any issue of bonds, notes or other\nobligations issued by the authority pursuant to this title and secured\nby such a pledge that the state will not limit, alter or impair the\nrights hereby vested in the authority to fulfill the terms of any\nagreements made with such holders pursuant to this title, or in any way\nimpair the rights and remedies of such holders or the security for such\nbonds, notes or other obligations, until such bonds, notes or other\nobligations, together with interest thereon and all costs and expenses\nin connection with any action or proceeding by or on behalf of such\nholders, are fully paid and discharged. The authority is authorized to\ninclude this pledge and agreement of the state in any agreement with the\nholders of such bonds, notes or other obligations. Nothing contained in\nthis title shall be deemed to restrict any right of the state to amend,\nmodify, repeal or otherwise alter: (a) section fifty-four of the state\nfinance law or any other provision relating to state aid, or (b)\nstatutes imposing or relating to taxes or fees, or appropriations\nrelating thereto.\n 2. The authority shall not include within any resolution, contract or\nagreement with holders of the bonds, notes or other obligations issued\nunder this title any provision which provides that a default occurs as a\nresult of the state exercising its right to amend, modify, or repeal or\notherwise alter: (a) section fifty-four of the state finance law or any\nother provision relating to state aid; or (b) statutes imposing or\nrelating to taxes, fees, or appropriations relating thereto. Nothing in\nthis title shall be deemed to obligate the state to make any payments or\nimpose any taxes to satisfy the debt service obligations of the\nauthority.\n