N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 613

§ 613. Agreement of the state. The state does pledge to and agree with\nthe holders of any and all bonds and notes of the corporation that the\nstate will not authorize any officer or agency of government, other than\nthe corporation, or any private person, to conduct off-track betting in\nthe city on horse races, nor in any manner limit or alter the rights\nhereby vested in the corporation to fulfill the terms of any agreements\nmade with the said holders, or in any way impair the rights and remedies\nof such holders until the bonds and notes, together with the interest\nthereon, interest on any unpaid installments of interest, and all costs\nand expenses in connection with any action or proceeding by or on behalf\nof such holders, are fully met and discharged. The corporation is\nauthorized to include this pledge and agreement of the state in any\nagreement with the holders of such bonds or notes.\n