§ 1500-j. Agreements of New York state. The state does hereby pledge
to and agree with the holders of any bonds issued by the authority
pursuant to this title and with those persons or public authorities who
may enter into contracts with the authority pursuant to the provisions
of this title that the state will not alter, limit or impair the rights
vested in the authority by this title to purchase, construct, own and
operate, maintain, repair, improve, reconstruct, renovate, rehabilitate,
enlarge, increase and extend, or dispose of any covered project, or any
part or parts thereof for which bonds of the authority shall have been
issued, to establish and collect rentals, fees and other charges
referred to in this title, to fulfill the terms of any contracts or
agreements made with or for the benefit of the holders of the bonds, or
with any person or public authority with reference to such covered
project or part thereof, or in any way to impair the rights and remedies
of the bondholders, until the bonds, together with interest thereon,
including interest on any unpaid installments of interest and all costs
and expenses in connection with any action or proceeding by or on behalf
of the holders of bonds, are fully met and discharged and such contracts
are fully performed on the part of the authority. The authority is
authorized to include this pledge and agreement of the state in any
agreement with the holders of bonds.