New York Laws
Title 21 - Saratoga Springs City Center Authority
2490-M - Agreement With the State.

§ 2490-m. Agreement with the state. The state hereby pledges to and
agrees 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 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, to fulfill the terms of any agreement made with or for the
benefit of the holders of 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 bondholders, until the bonds, together with the
interest thereon, with 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 bondholders.