* § 10-a. Covenants, authorizations to agree and remedies. 1. In the\nevent that after the date on which the provisions of this act become\noperative, any notes or bonds are issued by the city prior to July 1,\n2026, or any bonds are issued by a state financing agency, the state of\nNew York hereby authorizes the city and authorizes and requires such\nstate financing agency to include a pledge and agreement of the state of\nNew York in any agreement made by the city or such state financing\nagency with holders or guarantors of such notes or bonds that the state\nwill not take any action which will (a) substantially impair the\nauthority of the board during a control period, as defined in\nsubdivision twelve of section two of this act as in effect on the date\nsuch notes or bonds are issued (i) to approve, disapprove, or modify any\nfinancial plan or financial plan modification, including the revenue\nprojections (or any item thereof) contained therein, subject to the\nstandards set forth in paragraphs a, c, d, e and f of subdivision one of\nsection eight of this act as in effect on the date such notes or bonds\nare issued and paragraph b of such subdivision as in effect from time to\ntime, (ii) to disapprove a contract of the city or a covered\norganization if the performance of such contract would be inconsistent\nwith the financial plan or to approve or disapprove proposed short-term\nor long-term borrowing of the city or a covered organization or any\nagreement or other arrangement referred to in subdivision four of\nsection seven of this act, or (iii) to establish and adopt procedures\nwith respect to the deposit in and disbursement from the board fund of\ncity revenues; (b) substantially impair the authority of the board to\nreview financial plans, financial plan modifications, contracts of the\ncity or the covered organizations and proposed short-term or long-term\nborrowings of the city and the covered organizations; (c) substantially\nimpair the independent maintenance of a separate fund for the payment of\ndebt service on bonds and notes of the city; (d) alter the composition\nof the board so that the majority of the voting members of the board are\nnot officials of the state of New York elected in a state-wide election\nor appointees of the governor; (e) terminate the existence of the board\nprior to the time to be determined in accordance with section thirteen\nof this act as in effect on the date such notes or bonds are issued; (f)\nsubstantially modify the requirement that the city's financial\nstatements be audited by a nationally recognized independent certified\npublic accounting firm or consortium of firms and that a report on such\naudit be furnished to the board; or (g) alter the definition of a\ncontrol period set forth in subdivision twelve of section two of this\nact, as in effect on the date such notes or bonds are issued, or\nsubstantially alter the authority of the board, as set forth in said\nsubdivision to reimpose or terminate a control period; provided,\nhowever, that the foregoing pledge and agreement shall be of no further\nforce and effect if at any time (i) there is on deposit in a separate\ntrust account with a bank, trust company or other fiduciary sufficient\nmoneys or direct obligations of the United States or obligations\nguaranteed by the United States, the principal of and/or interest on\nwhich will provide moneys to pay punctually when due at maturity or\nprior to maturity by redemption, in accordance with their terms, all\nprincipal of and interest on all outstanding notes and bonds of the city\nor such state financing agency containing this pledge and agreement and\nirrevocable instructions from the city or such state financing agency to\nsuch bank, trust company or other fiduciary for such payment of such\nprincipal and interest with such moneys shall have been given, or (ii)\nsuch notes and bonds, together with interest thereon, have been paid in\nfull at maturity or have otherwise
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