§ 2977. Applicability of title. 1. The provisions of this title shall
not be construed to, nor shall they be implemented in such a manner as
to:

(a) require the application of monies pledged to the security of
bonds, notes or other obligations in violation of applicable bond
covenants; or

(b) otherwise impair the rights of bondholders of the public benefit
corporations affected by this title.

2. To the extent precluded by interstate or international compact
which creates any public benefit corporation, the provisions of this
title shall not apply to any such public benefit corporation until the
passage of legislation, by the other party to such compact, which
validates or has the same effect as this title.