New York Laws
Title 3 - Erie County Fiscal Stability Authority
3966 - Agreement With the State.

§ 3966. Agreement with the state. 1. The state does hereby pledge to
and agree with the holders of any issue of bonds, notes or other
obligations 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, notes or other obligations, until such bonds, notes or other
obligations, together with 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, notes or other obligations. Nothing contained in
this title shall be deemed to restrict any right of the state to amend,
modify, repeal or otherwise alter: (a) section fifty-four of the state
finance law or any other provision relating to state aid, or (b)
statutes imposing or relating to taxes or fees, or appropriations
relating thereto.

2. The authority shall not include within any resolution, contract or
agreement with holders of the bonds, notes or other obligations issued
under this title any provision which provides that a default occurs as a
result of the state exercising its right to amend, modify, or repeal or
otherwise alter: (a) section fifty-four of the state finance law or any
other provision relating to state aid; or (b) statutes imposing or
relating to taxes, fees, or appropriations relating thereto. 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.