N.Y. Public Authorities Law § 1435: Agreements of the state

§ 1435. Agreements of the state. 1. The state of New York does pledge

to and agree with the holders of the bonds that the state will not limit

or alter the rights hereby vested in the authority to acquire,

construct, maintain, reconstruct and operate the project or projects, to

establish and collect rentals, fees and other charges and to fulfill the

terms of any agreements made with the holders of the bonds, or in any

way impair the rights and remedies of the bondholders, until the bonds,

together with interest thereon, with interest on any unpaid installments

of interest and all costs and expenses in connection with any action or

proceeding by or on behalf of the bondholders, are fully met and

discharged.

2. The authority is hereby authorized, in its discretion, for and on

behalf of itself and the city of White Plains, to covenant and agree

with the holders of the bonds, with such exceptions and limitations as

it may deem in the public interest, that no public parking areas or

places except those constructed by the authority will be constructed or

operated in the city by the city, or by any public benefit or other

corporation the members of which are elected or are appointed by city

officials, until all bonds, together with interest thereon, interest on

any unpaid installments of interest and all costs and expenses in

connection with any action or proceeding by or on behalf of the

bondholders are fully met and discharged or adequate provision has been

made for the payment thereof.