New York Laws
Title 33 - New York City Transitional Finance Authority
2799-II - Agreement With the State.

§ 2799-ii. Agreement with the state. The state does hereby pledge and
agree with the holders of any issue of bonds and/or bond anticipation
notes secured by such a pledge that the state will not limit or alter
the rights hereby vested in the authority to fulfill the terms of any
agreements made with such holders pursuant to this title, or in any way
impair the rights and remedies of such holders or the security for such
bonds and/or bond anticipation notes until such bonds and/or bond
anticipation notes, together with the interest thereon and all costs and
expenses in connection with any action or proceeding by or on behalf of
such holders, are fully paid and discharged. Nothing contained in this
section shall be deemed to restrict the right of the state to amend,
modify, repeal or otherwise alter statutes imposing or relating to the
taxes payable to the authority pursuant to subsection (d) of section
eight hundred seventy-three and section thirteen hundred thirteen of the
tax law, but such taxes shall in all events continue to be so payable so
long as any such taxes are imposed. Not less than thirty days prior to
the beginning of each city fiscal year, the chairperson of the authority
shall certify to the state comptroller, the governor, and the members of
the board of directors of the authority a schedule of maximum annual
debt service payments due on the bonds and notes of the corporation then
outstanding. To the extent that the tax revenues payable to the
authority under subsection (d) of section eight hundred seventy-three
and section thirteen hundred thirteen of the tax law during such fiscal
year are projected by the mayor to be insufficient to meet at least one
hundred fifty percent of maximum annual debt service on authority bonds
then outstanding, the mayor shall so notify the state comptroller and
the state comptroller shall pay to the authority from alternative
revenues such amount as is necessary to provide at least one hundred
fifty percent of the maximum annual debt service; provided, however,
that for so long as any indebtedness of the municipal assistance
corporation for the city of New York remains outstanding no alternative
revenues that are, as of the effective date of this title, or may in the
future be, required to be deposited in the municipal assistance tax fund
established under section ninety-two-d of the state finance law shall be
paid to the authority except out of funds that are otherwise required to
be paid to the city under such section of the state finance law. Nothing
in this section shall be deemed to obligate the state to make any
additional payments or impose any taxes to satisfy the debt service
obligations of the authority.