2977 - Applicability of title.

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