New York Laws
Title 6-B - Clifton Park Water Authority
1120-M - Agreement of the State.

§ 1120-m. Agreement of the state. The state does hereby pledge to and
agree with the holders of any bonds issued by the authority pursuant to
this title that the state will not alter or limit the rights hereby
vested in the authority to negotiate, purchase, construct, maintain,
operate, repair, improve, increase, enlarge, extend, reconstruct,
renovate, rehabilitate or dispose of any project or any part or parts
thereof, for which bonds of the authority shall have been issued, to
establish and collect rates, rents, fees and other charges referred to
in this title and to fulfill the terms of any agreement made with or for
the benefit of the holders of the bonds or with any public corporation
or person with reference to the bondholders, until the bonds, together
with the interest thereon, including 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 authority is authorized to include this pledge and
agreement of the state in any agreement with the bondholders.