New York Laws
Title 1-B - North Country Power Authority
1021-K - Agreement of the State.

§ 1021-k. Agreement of the state. The state does hereby pledge to and
agree with the holders of any bonds, notes or other obligations issued
by the authority under this title, that the state will not limit or
alter the rights hereby vested in the authority to establish and collect
the revenues and other charges referred to in this title and to fulfill
the terms of any agreements made with or for the benefit of the holders
of the securities, or in any way impair the rights and remedies of the
bondholders until such securities are fully met and discharged. The
authority is authorized to include this pledge of the state in all
agreements by the authority with the holders of its securities. Nothing
contained in this article shall be deemed to restrict any right of the
state or municipality 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, notes or other
obligations issued under this article any provision which provides that
a default occurs as a result of the state or of a municipality
exercising its right to amend, modify, or repeal or otherwise alter any
statute imposing or relating to taxes, fees, or appropriations relating
thereto.