§ 3565. Agreement with state. The state does hereby pledge to and
agree with the holders of any bonds issued by the corporation pursuant
to this title and with those persons or public corporations who may
enter into contracts with the corporation pursuant to the provisions of
this title that the state will not alter, limit or impair the rights
hereby vested in the corporation to purchase, construct, own and
operate, maintain, repair, improve, reconstruct, renovate, rehabilitate,
enlarge, increase and extend, or dispose of any project, or any part or
parts thereof for which bonds of the corporation shall have been issued,
to establish and collect rates, rents, fees and other charges referred
to in this title, to fulfill the terms of any contracts or agreements
made with or for the benefit of the holders of bonds or with any person
or public corporation with reference to such project or part thereof, or
in any way to impair the rights and remedies of the holders of bonds,
until the bonds, together with interest thereon, including 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 holders
of bonds, are fully met and discharged and such contracts are fully
performed on the part of the corporation, provided, however, that the
state reserves the right to adjust its medicaid rates in accordance with
applicable law and implementing regulations, if any. The corporation
shall include this pledge and agreement of the state in any agreement
with the holders of bonds. In no event shall the provisions of this
section limit the applicability and enforceability of any and all terms
and conditions included in any contract or contracts entered into
pursuant to subdivision two of section four hundred three of the public
health law.