Section 1813. Guaranty by the state

To  the  extent authorized by the
  constitution at the time of the issuance of the special purpose bonds or
  notes of the authority, the punctual payment  of  such  special  purpose
  bonds   and   notes  shall  be,  and  the  same  hereby  is,  fully  and
  unconditionally guaranteed by  the  state,  both  as  to  principal  and
  interest, according to their terms; and such guaranty shall be expressed
  upon  the  face  thereof  by the signature or facsimile signature of the
  comptroller or a deputy comptroller. In the  event  that  the  authority
  shall  fail  to  pay  when  due,  the principal of, or interest on, such
  special purpose bonds or notes, the comptroller shall set apart from the
  first revenues thereafter received, applicable to the  general  fund  of
  the  state,  a  sum sufficient to pay such principal or interest, as the
  case may be, and shall so apply the moneys thus set apart and  thereupon
  the  state  shall  be  subrogated  to  the  rights of the bondholders or
  noteholders so paid. The comptroller may be required to  set  aside  and
  apply  such  revenues  as  aforesaid,  at the suit of any holder of such
  bonds or notes.