§ 2442. Agreement of the state. (1) The state of New York does hereby
pledge to and agree with the holders of any bonds, notes or tax lien
collateralized securities issued under this title that the state will
not limit or alter the rights hereby vested in the agency to fulfill the
terms of any agreements made with the holders thereof, or in any way
impair the rights and remedies of such holders until such bond, notes or
tax lien collateralized securities together with the interest thereon,
with interest on any unpaid installments of interest, and all costs and
expenses in connection with any action or proceedings by or on behalf of
such holders, are fully met and discharged. The agency is authorized to
include this pledge and agreement of the state in any agreement with the
holders of such bonds, notes or tax lien collateralized securities.
Nothing contained in this title shall be deemed to restrict any right of
the state to amend, modify, repeal or otherwise alter (a) any provision
of law relating to state aid, or (b) statutes imposing or relating to
taxes or fees, or (c) appropriations relating thereto.

(2) The agency 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) any provision of law relating to state aid; or (b)
statutes imposing or relating to taxes or fees, or (c) 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 agency.