New York Laws
Title 1 - Nassau County Interim Finance Authority
3659 - Agreement With the County.

§ 3659. Agreement with the county. The county is authorized to 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
county 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. Nothing contained in this title shall be deemed to
restrict any right of the county to amend, modify or otherwise alter
local laws, ordinances or resolutions imposing or relating to the taxes
imposed pursuant to the authority of article twenty-nine of the tax law
or other taxes or fees or appropriations related to any such taxes or
fees, so long as, after giving effect to such amendment, modification or
other alteration, the amount of tax revenues projected by the authority
to be available during each of its fiscal years following the effective
date of such amendment, modification or other alteration shall be not
less than two hundred percent of maximum annual debt service on
authority bonds then outstanding. Subject to the foregoing sentence, the
authority shall not include in any resolution, contract or agreement
with the holders of its bonds any provision which provides that a
default occurs as a result of the county exercising its right to amend,
modify, or otherwise alter such taxes imposed pursuant to the authority
of article twenty-nine of the tax law or other taxes or fees. Nothing in
this title shall be deemed to obligate the county to make additional
payments or impose taxes other than those imposed pursuant to the
authority of paragraph one of subdivision (a) of section twelve hundred
ten of the tax law to satisfy the debt service obligations of the
authority.