New York Laws
Title 4 - New York Local Government Assistance Coporation
3241 - Agreement With the State.

§ 3241. Agreement with the state. 1. The state does hereby pledge to
and agree with the holders of any bonds or notes issued under this title
and with the providers of any bond or note facilities that the state
will not limit or alter the rights hereby vested in the corporation to
fulfill the terms of any agreements made with the said holders or the
said providers, or in any way impair the rights and remedies of such
holders or providers until such bonds and notes, together with the
interest thereon, with interest on any unpaid installments of interest,
and all obligations of the corporation to such providers, and all costs
and expenses in connection with any action or proceeding by or on behalf
of such holders or providers, are fully met and discharged. The
corporation is authorized to include this pledge and agreement of the
state in any agreement with the holders of such bonds or notes or with
any such providers.

2. In order to induce prospective purchasers to purchase bonds and
notes of the corporation, the state hereby further pledges and agrees
with the holders of bonds and notes of the corporation that, while any
bonds or notes of the corporation are outstanding, the state will abide
by and not amend the provisions of section three thousand two hundred
forty-one-a of this title other than amendments which implement or
clarify any ambiguity in its terms in ways that do not have a material
adverse effect on the protections established in such section. The
corporation shall include the pledge and agreement set forth herein in
any agreement with the holders of its bonds and notes.