NY Pub Auth L § 3967 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 3 - Erie County Fiscal Stability Authority 3967 - Agreement With the County.

§  3967.  Agreement  with the county. 1. The county shall covenant and agree with the holders of any issue of bonds, notes or other obligations issued by the authority pursuant to  this  title  and  secured  by  such covenant  and  agreement 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,  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 county  in  any  agreement with  the  holders  of  such  bonds, notes or other obligations. Nothing contained in this title shall be deemed to restrict  any  right  of  the county  to  amend,  modify,  repeal  or  otherwise alter any local laws, ordinances or resolutions imposing or relating  to  taxes  or  fees,  or appropriations  relating  to  such  taxes  or  fees, or setting aside or allocating and applying, paying or using net collections pursuant to the authority of subdivision (a), (c)  or  (d)  of  section  twelve  hundred sixty-two  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 by the county pursuant to the authority of  subpart  B  of part one of article twenty-nine of the tax law; and  (ii)  all  such net collections to be set aside or to be allocated and applied, paid or used by the county pursuant to the authority of section twelve hundred sixty-two of the tax law during each of  the  authority's 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, notes or other obligations then  outstanding.  Notwithstanding  anything  to  the contrary in this section, the county further agrees that it shall impose taxes  pursuant  to  the  authority of subdivision (a) of section twelve hundred ten of the tax law at the rate of no less than three percent.   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 county exercising its right to amend,  modify,  repeal  or otherwise   alter  such  taxes,  fees  or  appropriations  or  such  net collections. Nothing in this title  shall  be  deemed  to  obligate  the county to make any payments or impose any taxes or set aside or allocate and  apply,  pay  or  use  net  collections pursuant to the authority of section twelve hundred sixty-two of the tax law; except that the  county shall  impose  taxes  pursuant  to  the  authority of subdivision (a) of section twelve hundred ten of the tax law at the rate of  no  less  than three percent.