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

§ 2799-jj. Agreement with the city. The city is authorized to pledge
and agree with the holders of any issue of bonds and/or bond
anticipation notes secured by such a pledge that the city 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 any right the city may have
to amend, modify or otherwise alter local laws imposing or relating to
the taxes payable to the authority pursuant to subsection (d) of section
eight hundred seventy-three or section thirteen hundred thirteen of the
tax law so long as, after giving effect to such amendment, modification
or other alteration, the amount of tax revenues projected by the mayor
to be available to the authority during each of its fiscal years
following the effective date of such amendment, modification or other
alteration shall be not less than one hundred fifty percent of maximum
annual debt service on authority bonds then outstanding.