N.Y. Public Authorities Law § 1500-k: Agreements of the city

§ 1500-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 by this title to purchase, construct, own

and operate, maintain, repair, improve, reconstruct, renovate,

rehabilitate, enlarge, increase and extend, or dispose of any covered

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 subject to approval by the common council and the

mayor, to covenant and agree with the holders of the bonds, with such

exceptions and limitations as it may deem to be 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 in this section shall be deemed to impair the right of the city

to install and operate parking meters on the public streets of the city.