§ 3967 — Agreement with the county

§ 3967. Agreement with the county. 1. The county shall covenant and\nagree with the holders of any issue of bonds, notes or other obligations\nissued by the authority pursuant to this title and secured by such\ncovenant and agreement that the county will not limit, alter or impair\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, notes or other obligations, until such bonds, notes or other\nobligations, 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. The authority is authorized\nto include this covenant and agreement of the county in any agreement\nwith the holders of such bonds, notes or other obligations. Nothing\ncontained in this title shall be deemed to restrict any right of the\ncounty 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 or\nallocating and applying, paying or using net collections pursuant to the\nauthority of subdivision (a), (c) or (d) of section twelve hundred\nsixty-two of the tax law, so long as, after giving effect to such\namendment, modification or other alteration, the aggregate amount as\nthen projected by the authority of (i) sales and compensating use taxes\nto be imposed by the county pursuant to the authority of subpart B of\npart one of article twenty-nine of the tax law; and\n (ii) all such net collections to be set aside or to be allocated and\napplied, paid or used by the county pursuant to the authority of section\ntwelve hundred sixty-two of the tax law during each of the authority's\nfiscal years following the effective date of such amendment,\nmodification or other alteration shall be not less than two hundred\npercent of maximum annual debt service on authority bonds, notes or\nother obligations then outstanding. Notwithstanding anything to the\ncontrary in this section, the county further agrees that it shall impose\ntaxes pursuant to the authority of subdivision (a) of section twelve\nhundred ten of the tax law at the rate of no less than three 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, modify, repeal or\notherwise alter such taxes, fees or appropriations or such net\ncollections. Nothing in this title shall be deemed to obligate the\ncounty to make any payments or impose any taxes or set aside or allocate\nand apply, pay or use net collections pursuant to the authority of\nsection twelve hundred sixty-two of the tax law; except that the county\nshall 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