N.Y. Public Authorities Law § 1570-j: Agreements of the village

§ 1570-j. Agreements of the village. 1. The village 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 village 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 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. Nothing contained in

this title shall be deemed to restrict any right of the village to

amend, modify, or otherwise alter local laws, ordinances, resolutions or

agreements imposing or relating to taxes or fees or appropriations

relating thereto. There shall not be included in any resolution,

contract or agreement with the holders of its bonds or other obligations

any provision which provides that a default shall occur as a result of

the village exercising its right to amend, repeal, modify or otherwise

alter such laws, ordinances, resolutions or agreements.

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

behalf of itself and subject to approval by the village board of

trustees 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 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, provided that nothing in this subdivision shall be

deemed to impair the right of the village to install and operate parking

meters on the public streets of the village.