§ 2799-II — Agreement with the state

§ 2799-ii. Agreement with the state. The state does hereby pledge and\nagree with the holders of any issue of bonds and/or bond anticipation\nnotes secured by such a pledge that the state will not limit or alter\nthe rights hereby vested in the authority to fulfill the terms of any\nagreements made with such holders pursuant to this title, or in any way\nimpair the rights and remedies of such holders or the security for such\nbonds and/or bond anticipation notes until such bonds and/or bond\nanticipation notes, together with the interest thereon and all costs and\nexpenses in connection with any action or proceeding by or on behalf of\nsuch holders, are fully paid and discharged. Nothing contained in this\nsection shall be deemed to restrict the right of the state to amend,\nmodify, repeal or otherwise alter statutes imposing or relating to the\ntaxes payable to the authority pursuant to subsection (d) of section\neight hundred seventy-three and section thirteen hundred thirteen of the\ntax law, but such taxes shall in all events continue to be so payable so\nlong as any such taxes are imposed. Not less than thirty days prior to\nthe beginning of each city fiscal year, the chairperson of the authority\nshall certify to the state comptroller, the governor, and the members of\nthe board of directors of the authority a schedule of maximum annual\ndebt service payments due on the bonds and notes of the corporation then\noutstanding. To the extent that the tax revenues payable to the\nauthority under subsection (d) of section eight hundred seventy-three\nand section thirteen hundred thirteen of the tax law during such fiscal\nyear are projected by the mayor to be insufficient to meet at least one\nhundred fifty percent of maximum annual debt service on authority bonds\nthen outstanding, the mayor shall so notify the state comptroller and\nthe state comptroller shall pay to the authority from alternative\nrevenues such amount as is necessary to provide at least one hundred\nfifty percent of the maximum annual debt service; provided, however,\nthat for so long as any indebtedness of the municipal assistance\ncorporation for the city of New York remains outstanding no alternative\nrevenues that are, as of the effective date of this title, or may in the\nfuture be, required to be deposited in the municipal assistance tax fund\nestablished under section ninety-two-d of the state finance law shall be\npaid to the authority except out of funds that are otherwise required to\nbe paid to the city under such section of the state finance law. Nothing\nin this section shall be deemed to obligate the state to make any\nadditional payments or impose any taxes to satisfy the debt service\nobligations of the authority.\n