Section 662. Agreements of the state

1. The state of New York does pledge
  to and agree with the holders of the notes and bonds that the state will
  not limit or alter the rights hereby vested in the authority to acquire,
  construct, maintain, reconstruct and operate the project,  to  establish
  and collect charges and tolls and to fulfill the terms of any agreements
  made  with  the holders of the notes and bonds, or in any way impair the
  rights and remedies of the note and bondholders,  until  the  notes  and
  bonds,  together  with  interest  thereon,  with  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 note and bondholders,
  are fully met and discharged.
    2. The state of New York does covenant and agree with the  holders  of
  the  notes  and bonds that no tunnel, bridge, parkway, causeway, street,
  road, highway or other connection for vehicular traffic  which  will  be
  competitive with the project will be constructed or maintained until the
  notes  and bonds, together with interest thereon, 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 note and bondholders are
  fully  met  and  discharged;  provided  that  a tunnel, bridge, parkway,
  causeway, street,  road,  highway  or  other  connection  for  vehicular
  traffic  shall  be considered as competitive with the project only if it
  shall form a connection for vehicular  traffic  over,  under  or  across
  Reynolds channel west of seventy-three degrees and forty minutes of west
  longitude.