N.Y. Public Authorities Law Section 1232-L
Agreement of the state

The state does hereby pledge to and agree with the holders of any bonds issued by the authority pursuant to this title that the state will not alter or limit the rights hereby vested in the authority to finance or refinance the acquisition, design, construction, reconstruction, rehabilitation and improvement of facilities and to fulfill the terms of any agreement made with or for the benefit of the holders of the bonds or with any public corporation or person with reference to such project or part thereof, or in any way impair the rights and remedies of the bondholders, until the bonds, together with the interest thereon, including interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The state does also hereby pledge to and agree with the holders of any bonds issued by the authority pursuant to this title that the state will not alter or limit the rights of the county to assess, levy and collect special assessments within the district or the county’s ability to collect any such charges, rents or fees. The authority is authorized to include this pledge and agreement of the state in any agreement with bondholders. Notwithstanding any provision to the contrary, nothing contained in this title shall be deemed to restrict the right of the state or county of Nassau to amend, modify or otherwise alter laws, ordinances, resolutions or agreements imposing or relating to taxes or fees or appropriations relating thereto. The authority shall not include in any resolution or contract or agreement with the holder of its bonds any provision which provides that a default shall occur as a result of the state or county exercising its right to amend, modify or otherwise alter laws, ordinances, resolutions or agreements imposing or relating to taxes or fees or appropriations relating thereto.

Source: Section 1232-L — Agreement of the state, https://www.­nysenate.­gov/legislation/laws/PBA/1232-L (updated Sep. 22, 2014; accessed Jan. 17, 2026).

Green check means up to date. Up to date

Verified:
Jan. 17, 2026

Last modified:
Sep. 22, 2014

§ 1232-L. Agreement of the state's source at nysenate​.gov

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