New York Laws
Article 6 - New York City Off-Track Betting Corporation
613 - Agreement of the State.

§ 613. Agreement of the state. The state does pledge to and agree with
the holders of any and all bonds and notes of the corporation that the
state will not authorize any officer or agency of government, other than
the corporation, or any private person, to conduct off-track betting in
the city on horse races, nor in any manner limit or alter the rights
hereby vested in the corporation to fulfill the terms of any agreements
made with the said holders, or in any way impair the rights and remedies
of such holders until the bonds and notes, together with the interest
thereon, interest on any unpaid installments of interest, and all costs
and expenses in connection with any action or proceeding by or on behalf
of such holders, 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.

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