N.Y. Public Authorities Law § 1599-k*4: Agreements of the city and the state

* § 1599-k. Agreements of the city and the state. 1. The city is

authorized to, and the state does hereby 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, improve, equip, furnish and operate any 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 notes, or in any way impair the rights and remedies of the

bondholders or noteholders, until the bonds or notes, 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 or noteholders, are fully met and

discharged.

2. The authority is hereby authorized, subject to approval of the city

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

exceptions and limitations as it may deem in the public interest and in

the interests of the authority's bondholders and noteholders, 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 08/05/2002

* NB There are 4 § 1599-k's