N.Y. Public Authorities Law § 1622-k: Agreements of the village and the state

§ 1622-k. Agreements of the village and the state. 1. The village 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 village 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 village board of

trustees and mayor, the village of Nyack, 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 village, except those acquired and operated by

the authority will be constructed or operated in the village by the

village (except as hereinafter provided), or by any public benefit or

other corporation, the members of which are elected or appointed by the

village 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 herein contained shall be deemed to impair

the right of the village to continue to operate the presently existing

municipal parking facilities and any replacements thereof.