1. The provisions of this title shall not be construed to, nor shall they be implemented in such a manner as to:
(a) require the application of monies pledged to the security of bonds, notes or other obligations in violation of applicable bond covenants; or
(b) otherwise impair the rights of bondholders of the public benefit corporations affected by this title.
2. To the extent precluded by interstate or international compact which creates any public benefit corporation, the provisions of this title shall not apply to any such public benefit corporation until the passage of legislation, by the other party to such compact, which validates or has the same effect as this title.
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