New York Laws
Title 10-D - Nassau County Sewer and Storm Water Finance Authority
1232-L - Agreement of the State.

§ 1232-l. 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 finance or refinance the acquisition, design,
construction, reconstruction, rehabilitation and improvement of
facilities 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 such project or part thereof, or in any way
impair the rights and remedies of 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 state does also 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 of the county to assess,
levy and collect special assessments within the district or the county's
ability to collect any such charges, rents or fees. The authority is
authorized to include this pledge and agreement of the state in any
agreement with bondholders. Notwithstanding any provision to the
contrary, nothing contained in this title shall be deemed to restrict
the right of the state or county of Nassau to amend, modify or otherwise
alter laws, ordinances, resolutions or agreements imposing or relating
to taxes or fees or appropriations relating thereto. The authority shall
not include in any resolution or contract or agreement with the holder
of its bonds any provision which provides that a default shall occur as
a result of the state or county exercising its right to amend, modify or
otherwise alter laws, ordinances, resolutions or agreements imposing or
relating to taxes or fees or appropriations relating thereto.