§ 3866-a. Agreement with the county.
1.The county does hereby\ncovenant and agree with the holders of any issue of bonds, notes or\nother obligations issued by the authority pursuant to this title and\nsecured by such covenant and agreement that the county will not limit,\nalter or impair the rights hereby vested in the authority to fulfill the\nterms of any agreements made with such holders pursuant to this title,\nor in any way impair the rights and remedies of such holders or the\nsecurity for such bonds, notes or other obligations until such bonds,\nnotes or other obligations, together with the interest thereon and all\ncosts and expenses in connection with any action or proceeding by or on\nbehalf of such holders are fully paid and discharged. The authority is\nauthorized to includ
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§ 3866-a. Agreement with the county. 1. The county does hereby\ncovenant and agree with the holders of any issue of bonds, notes or\nother obligations issued by the authority pursuant to this title and\nsecured by such covenant and agreement that the county will not limit,\nalter or impair the rights hereby vested in the authority to fulfill the\nterms of any agreements made with such holders pursuant to this title,\nor in any way impair the rights and remedies of such holders or the\nsecurity for such bonds, notes or other obligations until such bonds,\nnotes or other obligations, together with the interest thereon and all\ncosts and expenses in connection with any action or proceeding by or on\nbehalf of such holders are fully paid and discharged. The authority is\nauthorized to include this covenant and agreement of the county in any\nagreement with the holders of such bonds, notes or other obligations.\nNothing contained in this title shall be deemed to restrict any right of\nthe county to amend, modify, repeal or otherwise alter any local laws,\nordinances or resolutions imposing or relating to taxes or fees, or\nappropriations relating to such taxes or fees, or setting aside net\ncollections for educational purposes pursuant to the authority of\nsubdivision (a) of section twelve hundred sixty-two of the tax law, so\nlong as, after giving effect to such amendment, modification or other\nalteration, the aggregate amount as then projected by the authority of\n(i) sales and compensating use taxes to be imposed pursuant to the\nauthority of section twelve hundred ten of the tax law and paid to the\ncity and (ii) all net collections for educational purposes to be set\naside by the county pursuant to the authority of subdivision (a) of\nsection twelve hundred sixty-two of the tax law and paid to the city's\ndependent school district during each of the authority's fiscal years\nfollowing the effective date of such amendment, modification or other\nalteration shall be not less than two hundred percent of maximum annual\ndebt service on authority bonds then outstanding. Notwithstanding\nanything to the contrary in this section, the county further agrees that\nit shall impose taxes pursuant to the authority of subdivision (a) of\nsection twelve hundred ten of the tax law at the rate of no less than\nthree percent.\n 2. The authority shall not include within any resolution, contract or\nagreement with holders of the bonds, notes or other obligations issued\nunder this title any provision which provides that a default occurs as a\nresult of the county exercising its right to amend, repeal, modify or\notherwise alter such taxes, fees or appropriations or such net\ncollections set aside for educational purposes. Nothing in this title\nshall be deemed to obligate the county to make any payments or impose\nany taxes or set aside net collections for educational purposes pursuant\nto the authority of subdivision (a) of section twelve hundred sixty-two\nof the tax law; except that the county shall impose taxes pursuant to\nthe authority of subdivision (a) of section twelve hundred ten of the\ntax law at the rate of no less than three percent.\n