Section 1-c - General rights and prohibitions(a) Neither the city of Troy nor any covered organization shall borrow or expend any moneys, or in any way, directly or indirectly, expressly or implicitly engage its credit during any emergency period except in compliance with the provisions of this act.(b) Nothing contained in this act shall limit the right of the city of Troy or any covered organization to comply with the provisions of any existing contract with or for the benefit of the holders of any bonds or notes of the city of Troy or such covered organization.N.Y. City of Troy Issuance of Serial Bonds Law § 1-c