The county is authorized to pledge to and agree with the holders of any issue of bonds
issued by the authority pursuant to this title and secured by such a pledge that the
county will not limit, alter or impair the rights hereby vested in the authority to
fulfill the terms of any agreements made with such holders pursuant to this title,
or in any way impair the rights and remedies of such holders or the security for such
bonds until such bonds, together with the interest thereon and all costs and expenses
in connection with any action or proceeding by or on behalf of such holders, are fully
paid and discharged. Nothing contained in this title shall be deemed to restrict any right of the county
to amend, modify or otherwise alter local laws, ordinances or resolutions imposing
or relating to the taxes imposed pursuant to the authority of article twenty-nine
of the tax law or other taxes or fees or appropriations related to any such taxes
or fees, so long as, after giving effect to such amendment, modification or other
alteration, the amount of tax revenues projected by the authority to be available
during each of its fiscal years following the effective date of such amendment, modification
or other alteration shall be not less than two hundred percent of maximum annual debt
service on authority bonds then outstanding. Subject to the foregoing sentence, the authority shall not include in any resolution,
contract or agreement with the holders of its bonds any provision which provides that
a default occurs as a result of the county exercising its right to amend, modify,
or otherwise alter such taxes imposed pursuant to the authority of article twenty-nine
of the tax law or other taxes or fees. Nothing in this title shall be deemed to obligate the county to make additional
payments or impose taxes other than those imposed pursuant to the authority of paragraph one of subdivision (a) of section twelve hundred ten of the tax law to satisfy the debt service obligations of the authority.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.