§ 2977. Applicability of title. 1. The provisions of this title shall\nnot be construed to, nor shall they be implemented in such a manner as\nto:\n (a) require the application of monies pledged to the security of\nbonds, notes or other obligations in violation of applicable bond\ncovenants; or\n (b) otherwise impair the rights of bondholders of the public benefit\ncorporations affected by this title.\n 2. To the extent precluded by interstate or international compact\nwhich creates any public benefit corporation, the provisions of this\ntitle shall not apply to any such public benefit corporation until the\npassage of legislation, by the other party to such compact, which\nvalidates or has the same effect as this title.\n
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