NY Pub Auth L § 3867 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 2 - Buffalo Fiscal Stability Authority 3867 - Agreement With the City.

§  3867.  Agreement  with  the  city. 1. The city hereby covenants and   agrees with the holders of bonds, notes or other obligations  issued  by   the  authority  pursuant  to  this  title,  that  the city will not take   actions which limit, alter or impair the rights  and  remedies  of  such   holders or the security for such bonds, notes or other obligations until   such  bonds,  notes  or  other  obligations,  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. The authority is authorized to  include  this  covenant  and   agreement  of  the city in any agreement with the holders of such bonds,   notes or other obligations. Nothing contained in  this  title  shall  be   deemed  to  restrict  the  right of the city to amend, modify, repeal or   otherwise alter any local  law,  ordinance  or  resolution  imposing  or   relating to taxes or fees, or appropriations relating thereto, including   sales  and  compensating  use taxes imposed pursuant to the authority of   section twelve hundred ten of the tax law,  so  long  as,  after  giving   effect   to  such  amendment,  modification  or  other  alteration,  the   aggregate amount as then projected by the authority  of  (i)  sales  and   compensating  use  taxes  to  be  imposed  pursuant  to the authority of   section twelve hundred ten of the tax law and paid to the city and  (ii)   all  net  collections  for  educational  purposes to be set aside by the   county pursuant to the authority of subdivision (a)  of  section  twelve   hundred sixty-two of the tax law and paid to the city's dependent school   district  during  each of the authority's fiscal years thereafter, shall   be not less than two hundred percent of maximum annual debt  service  on   authority  bonds then outstanding. The city further covenants and agrees   that (i) it will not take any action, including the imposition of  sales   and  compensating  use taxes preempting the county's taxes, to terminate   or alter the terms of the agreement among the county, the city  and  the   other  cities  in  the  county  under  subdivision (c) of section twelve   hundred sixty-two of the tax law that  would  reduce  or  eliminate  the   amount  of  net  collections  that  the  county  distributes  or  is  to   distribute  to  the  city  prior  to  June   thirtieth,   two   thousand   thirty-seven,  without  the  authority's prior approval, and (ii) if the   city imposes sales and compensating use taxes, it shall do  so  pursuant   to  subdivision  (a) of section twelve hundred ten of the tax law at the   maximum rate authorized by such section.2. The authority shall not include within any resolution, contract  or   agreement  with  holders of the bonds, notes or other obligations issued   under this title any provision which provides that a default occurs as a   result of the city exercising its right  to  amend,  repeal,  modify  or   otherwise  alter  such  taxes,  fees  or appropriations. Nothing in this   title shall be deemed to obligate the  city  to  make  any  payments  or   impose   any   taxes;  except  that,  if  the  city  imposes  sales  and   compensating use taxes, it shall do so pursuant to  subdivision  (a)  of   section twelve hundred ten of the tax law at the maximum rate authorized   by such section.