New York Laws
Title 27-A - Greater Rochester Sports Authority
2587 - Agreement With State.

§ 2587. Agreement with state. The state does hereby pledge to and
agree with the holders of any bonds issued by the authority pursuant to
this title and with those persons or public corporations who may enter
into contracts with the authority pursuant to the provisions of this
title that the state will not alter, limit or impair the rights hereby
vested in the authority to purchase, construct, own and operate,
maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,
increase and extend, 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 contracts or agreements made
with or for the benefit of the holders of bonds or with any person or
public corporation with reference to such project or part thereof, or in
any way to impair the rights and remedies of the holders of bonds, until
the bonds, together with 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 the holders
of bonds, are fully met and discharged and such contracts are fully
performed on the part of the authority. The authority is authorized to
include this pledge and agreement of the state in any agreement with the
holders of bonds. Nothing contained in this title shall be deemed to
restrict the right of the state 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 issued under this title
any provision which provides that a default occurs as a result of the
state exercising its right to amend, repeal, modify or otherwise alter
such taxes, fees, or appropriations. 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 authority.