N.Y. Public Authorities Law § 1555: Agreements of the village

* § 1555. Agreements of the village. 1. The village of Tuckahoe is

authorized to pledge to and agree with the holders of the bonds that the

village 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 village of Tuckahoe 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 village by the village, or by any public benefit or other

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

village 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.

* NB Dissolved December 1977

* NB There are 2 § 1555's