§ 2669-B — Agreement with county

§ 2669-b. Agreement with county. 1. The county is authorized to pledge\nto and agree with the holders of any bonds issued by the authority\npursuant to this title and secured by such a pledge, and with those\npersons or public authorities who may enter into contracts with the\nauthority pursuant to the provisions of this title that the county will\nnot alter, limit or impair the rights hereby vested in the authority to\npurchase, construct, own and operate, maintain, repair, improve,\nreconstruct, renovate, rehabilitate, enlarge, increase and extend, or\ndispose of any project, or any part or parts thereof, for which bonds of\nthe authority shall have been issued, to establish, collect and adjust\nrates, rents, fees and other charges referred to in this title, to\nfulfill the terms of any agreements made with the holders of the bonds\nor with any public authority or person with reference to such project or\npart thereof, or in any way impair the rights and remedies of the\nholders of bonds, until the bonds, together with interest thereon,\nincluding interest on any unpaid installments of interest, and all costs\nand expenses in connection with any action or proceeding by or on behalf\nof the holders of bonds, are fully met and discharged and such contracts\nare fully performed on the part of the authority.\n 2. (a) Nothing contained in this title shall be deemed to restrict the\nright of the county to repeal the sales and compensating use taxes\nimposed pursuant to the authority of section twelve hundred ten-C of the\ntax law, provided such county imposes sales and compensating use taxes\npursuant to the authority of section twelve hundred ten of the tax law\nat a rate not less than one-half of one percent, or, if the county does\nnot impose such taxes pursuant to the authority of section twelve\nhundred ten-C of the tax law, to reduce the rate of such taxes imposed\npursuant to the authority of such section twelve hundred ten of the tax\nlaw to a rate not less than one-half of one percent, or to amend, modify\nor otherwise alter such taxes or appropriations relating thereto or to\namend, modify, repeal or otherwise alter other taxes or fees or\nappropriations relating thereto.\n (b) The authority shall not include in any resolution, contract or\nagreement with the holders of its bonds, or such persons or public\nauthorities who may enter into contracts with the authority, any\nprovision stating that, as a result of the county exercising its right\nto reduce, as described in paragraph (a) of this subdivision, the rate\nof, amend, modify or otherwise alter such sales and compensating use\ntaxes or related appropriations, or its right to amend, repeal, modify\nor otherwise alter any such other tax, fee or appropriation a default\nwill occur.\n 3. Nothing in this title shall be deemed to obligate the county to\nmake additional payments or impose any taxes to satisfy the debt service\nobligations of the authority.\n