Section 3 - General rights and prohibitions1.Neither the city nor any covered organization shall borrow or expend any monies, or in any way, directly or indirectly, expressly or implicitly, engage its credit during any control period except in compliance with the provisions of this act.2.Nothing contained in this act shall limit the right of the city 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 or such covered organization or any public authority or public benefit corporation.3.Nothing contained in this act shall be construed to impair the right of employees to organize or to bargain collectively.N.Y. NYS Financial Emergency Act for the city of NY Law § 3