2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 28-B - Schenectady Metroplex Development Authority › 2669-B - Agreement With County.

§ 2669-b. Agreement with county. 1. The county is authorized to pledge
to  and  agree  with  the  holders  of any bonds issued by the authority
pursuant to this title and secured by such  a  pledge,  and  with  those
persons  or  public  authorities  who  may enter into contracts with the
authority pursuant to the provisions of this title that the county  will
not  alter, limit or impair the rights hereby vested in the authority to
purchase,  construct,  own  and  operate,  maintain,  repair,   improve,
reconstruct,  renovate,  rehabilitate,  enlarge, increase and extend, or
dispose of any project, or any part or parts thereof, for which bonds of
the authority shall have been issued, to establish, collect  and  adjust
rates,  rents,  fees  and  other  charges  referred to in this title, to
fulfill the terms of any agreements made with the holders of  the  bonds
or with any public authority or person with reference to such project or
part  thereof,  or  in  any  way  impair  the rights and remedies of the
holders of bonds, until  the  bonds,  together  with  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 the holders of bonds, are fully met and discharged and such contracts
are fully performed on the part of the authority.
2. (a) Nothing contained in this title shall be deemed to restrict the
right  of  the  county  to  repeal  the sales and compensating use taxes
imposed pursuant to the authority of section twelve hundred ten-C of the
tax law, provided such county imposes sales and compensating  use  taxes
pursuant  to  the authority of section twelve hundred ten of the tax law
at a rate not less than one-half of one percent, or, if the county  does
not  impose  such  taxes  pursuant  to  the  authority of section twelve
hundred ten-C of the tax law, to reduce the rate of such  taxes  imposed
pursuant  to the authority of such section twelve hundred ten of the tax
law to a rate not less than one-half of one percent, or to amend, modify
or otherwise alter such taxes or appropriations relating thereto  or  to
amend,  modify,  repeal  or  otherwise  alter  other  taxes  or  fees or
appropriations relating thereto.
(b) The authority shall not include in  any  resolution,  contract  or
agreement  with  the  holders  of  its  bonds, or such persons or public
authorities who  may  enter  into  contracts  with  the  authority,  any
provision  stating  that, as a result of the county exercising its right
to reduce, as described in paragraph (a) of this subdivision,  the  rate
of,  amend,  modify  or  otherwise alter such sales and compensating use
taxes or related appropriations, or its right to amend,  repeal,  modify
or  otherwise  alter  any such other tax, fee or appropriation a default
will occur.
3. Nothing in this title shall be deemed to  obligate  the  county  to
make additional payments or impose any taxes to satisfy the debt service
obligations of the authority.