Section 3866-A. Agreement with the county

1.  The  county does hereby
  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 net
  collections for  educational  purposes  pursuant  to  the  authority  of
  subdivision  (a)  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  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
  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.  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, repeal, modify or
  otherwise  alter  such  taxes,  fees  or  appropriations  or  such   net
  collections  set  aside  for educational purposes. Nothing in this title
  shall be deemed to obligate the county to make any  payments  or  impose
  any taxes or set aside net collections for educational purposes pursuant
  to  the authority of subdivision (a) 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.