Section 68-C. Payments to authorized issuers

1. The state, acting through
  the director of the budget,  and  authorized  issuers  may  enter  into,
  amend, modify, or rescind one or more financing agreements providing for
  the  specific  manner,  timing,  and amount of payments to be made under
  this section, but only in conformity with this section.
    2. No later than October first of each year,  the  authorized  issuers
  shall  certify  to  the  director  of  the  budget  the anticipated cash
  requirements related to revenue bonds during the subsequent state fiscal
  year in such detail as the director may require.
    3. Upon receipt of a voucher from  any  authorized  issuer  requesting
  payment  for  such  amount  or  amounts certified by the director of the
  budget  pursuant  to  paragraph  (a)  of  subdivision  five  of  section
  ninety-two-z  of  this  chapter,  the  state  comptroller shall pay such
  amount or amounts to the authorized issuer from appropriations for  such
  purpose.
    4.  The  agreement  of  the  state  contained in this section shall be
  deemed executory only to the  extent  of  appropriations  available  for
  payments  under  this  section,  and no liability on account of any such
  payment shall be incurred by the state beyond such appropriations.
    5. Nothing contained in this article shall be deemed to  restrict  the
  right  of the state to amend, repeal, modify or otherwise alter statutes
  imposing or relating to the taxes imposed pursuant to article twenty-two
  of the tax law. The authorized issuers  shall  not  include  within  any
  resolution,  contract  or  agreement  with  holders of the revenue bonds
  issued under this article any provision which provides  that  a  default
  occurs  as  a result of the state exercising its right to amend, repeal,
  modify  or  otherwise  alter  the  taxes  imposed  pursuant  to  article
  twenty-two of the tax law.
    6.  Any  resolution or other agreement authorizing revenue bonds under
  this article shall reserve the right of the state, upon amendment of the
  New York state constitution  allowing  the  issuance  or  assumption  of
  bonds, notes or other obligations secured by revenues, which may include
  the revenues securing revenue bonds of authorized issuers (a) to assume,
  in  whole  or  in  part, revenue bonds of the authorized issuers, (b) to
  extinguish the existing lien of such resolution, or other agreement  and
  (c)  to  substitute  security  for  the  revenue bonds of the authorized
  issuers, in each case only so long as such assumption, extinguishment or
  substitution is  done  in  accordance  with  such  resolution  or  other
  agreement.