New York Laws
Title 18 - State of New York Municipal Bond Bank Agency Act
2442 - Agreement of the State.

(2) The agency 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 state exercising its right to amend, modify, or repeal or
otherwise alter (a) any provision of law relating to state aid; or (b)
statutes imposing or relating to taxes or fees, or (c) appropriations
relating thereto. Nothing in this title shall be deemed to obligate the
state to make any payments or impose any taxes to satisfy the debt
service obligations of the agency.

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