New York Laws
Title 1 - Nassau County Interim Finance Authority
3658 - Agreement With the State.

§ 3658. Agreement with the state. The state does hereby pledge to and
agree with the holders of any issue of bonds issued by the authority
pursuant to this title and secured by such a pledge that the state will
not limit, alter or impair 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 until such bonds, 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. The authority is authorized to include this pledge and
agreement of the state in any agreement with the holders of such 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.