Section 3238-A. Payment to city of New York

Notwithstanding  any
  inconsistent provision of law, the corporation  shall  transfer  to  the
  city  of New York one hundred seventy million dollars from the resources
  of the corporation pursuant to section thirty-two hundred thirty-nine of
  this title. Such payment shall be made during  each  city  fiscal  year.
  Such  payments  from  the  corporation  shall  be  made  from  the  fund
  established by section ninety-two-r of the  state  finance  law  and  in
  accordance with the provisions thereof.
    The city of New York, acting by the mayor alone, may assign all or any
  portion  of  such  amount to any not-for-profit corporation incorporated
  pursuant to  section  fourteen  hundred  eleven  of  the  not-for-profit
  corporation  law and, upon such assignment, the amount so assigned shall
  be the property of such not-for-profit  corporation  for  all  purposes.
  Following  notice  from  the city of New York to the corporation and the
  comptroller of such assignment, such payment shall be made  directly  to
  the  city's  assignee.  If  such not-for-profit corporation issues bonds
  and/or notes, the state does hereby pledge and agree with the holders of
  any issue of bonds and/or notes secured by such a pledge that the  state
  will  not  limit  or  alter  the  rights  vested  in such not-for-profit
  corporation to fulfill the  terms  of  any  agreements  made  with  such
  holders  or in any way impair the rights and remedies of such holders or
  the security for such bonds and/or notes until such bonds and/or  notes,
  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  foregoing  pledge and
  agreement may be included in any agreement  with  the  holders  of  such
  bonds  or  notes.  Nothing  contained in this section shall be deemed to
  restrict the right of the state to amend, modify,  repeal  or  otherwise
  alter  statutes  imposing  or  relating  to  the  taxes  subject to such
  assignment, but such taxes  shall  in  all  events  continue  to  be  so
  payable, as assigned, so long as any such taxes are imposed.
    * NB Repealed July 1, 2034