§ 1690. Contract of the state. The state of New York does pledge to
and agree with the holders of the bonds that the state will not limit or
alter the rights hereby vested in the authority to acquire, construct,
reconstruct, equip and operate dormitories and facilities, to establish
and collect rentals and other charges referred to in this title and to
fulfill the terms of any agreements made with the holders of the bonds,
or in any way impair the rights and remedies of the holders of such
obligations until the bonds, together with interest thereon, interest on
any unpaid installments on interest, and all costs and expenses in
connection with any action or proceeding by or on behalf of the
bondholders are fully met and discharged.