N.Y. Public Authorities Law § 1621-k: Agreements of the city and the state

* § 1621-k. Agreements of the city and the state. 1. The city is

authorized to, and the state of New York does hereby pledge to and agree

with the holders of the bonds or notes that neither the city nor the

state, respectively, will limit or alter the rights hereby vested in the

authority to acquire, construct, reconstruct, improve, equip, furnish,

maintain or 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, in its discretion, for and on

behalf of itself and, subject to approval by the common council and the

mayor of the city of Middletown, to covenant and agree with the holders

of the bonds or notes, 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 or spaces,

including the installation and operation of parking meters on the public

streets of the city, except those acquired and operated by the authority

will be constructed or operated in the city by the city (except as

hereinafter provided), or by any public benefit or other corporation,

the members of which are elected or appointed by city officials, until

either: (a) the bonds or notes, 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 or noteholders are fully met and discharged; or (b)

principal or interest of any of the bonds or notes shall be overdue and

unpaid for a period of three years or more; provided, however, nothing

contained in this section shall be deemed to impair the right of the

city to continue to operate the presently existing municipal parking

facilities and any replacements thereof.

* NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)