N.Y. Public Authorities Law § 1599-j*3: Agreements of the state

* § 1599-j. Agreements of the state. 1. The city of Niagara Falls does

pledge to and agree with the holders of the bonds that the city 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 Niagara Falls 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.

* NB Authority ceased to exist 07/01/1974

* NB There are 4 § 1599-j's