N.Y. Public Authorities Law § 1475-k: Agreements of the city

§ 1475-k. Agreements of the city. 1. The city is authorized to pledge

to and agree with the holders of any bonds issued by the authority

pursuant to this title and with those persons or public authorities who

may enter into contracts with the authority pursuant to the provisions

of this title that the city will not alter, limit or impair the rights

hereby vested in the authority to purchase, construct, own and operate,

maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,

increase and extend, or dispose of any project, or any part or parts

thereof, for which bonds of the authority shall have been issued, to

establish, collect and adjust rates, rents, fees and other charges

referred to in this title, to fulfill the terms of any agreements made

with the holders of the bonds or with any public authority or person

with reference to such project or part thereof, or in any way impair the

rights and remedies of the holders of bonds, until the bonds, together

with interest thereon, including 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 holders of bonds, are fully met and

discharged and such contracts are fully performed on the part of the

authority.

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

behalf of itself and the city 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 except those acquired and

operated by the authority will be constructed or operated in the city by

the city, or by any public benefit or other corporation the members or

some of which are elected or are appointed by city officials, until

either (a) the 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 (b) principal or interest of any of the

bonds shall be overdue and unpaid for a period of three years or more,

provided that nothing herein contained shall be deemed to impair the

right of the city to install and operate parking meters on the public

streets of the city.