Section 2977. Applicability of title

1. The provisions of this title shall
  not be construed to, nor shall they be implemented in such a  manner  as
  to:
    (a)  require  the  application  of  monies  pledged to the security of
  bonds, notes or  other  obligations  in  violation  of  applicable  bond
  covenants; or
    (b)  otherwise  impair the rights of bondholders of the public benefit
  corporations affected by this title.
    2. To the extent precluded  by  interstate  or  international  compact
  which  creates  any  public  benefit corporation, the provisions of this
  title shall not apply to any such public benefit corporation  until  the
  passage  of  legislation,  by  the  other  party  to such compact, which
  validates or has the same effect as this title.