§ 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.