New York Laws
Title 28-B - Schenectady Metroplex Development Authority
2669-A - Agreement With State.

§ 2669-a. 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 secured by a pledge, and with those persons or public
authorities 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 authority 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 in
any resolution, contract or agreement with the holders of its bonds, or
such persons or public authorities who may enter into contracts with the
authority, any provision stating that, as a result of the state
exercising its right to amend, repeal, modify or otherwise alter any
such tax, fee or appropriation a default will occur. Nothing in this
title shall be deemed to obligate the state to make additional payments
or impose any taxes to satisfy the debt service obligations of the
authority.