§ 1435 — Agreements of the state

§ 1435. Agreements of the state. 1. The state of New York does pledge\nto and agree with the holders of the bonds that the state will not limit\nor alter the rights hereby vested in the authority to acquire,\nconstruct, maintain, reconstruct and operate the project or projects, to\nestablish and collect rentals, fees and other charges and to fulfill the\nterms of any agreements made with the holders of the bonds, or in any\nway impair the rights and remedies of the bondholders, until the bonds,\ntogether with interest thereon, with interest on any unpaid installments\nof interest and all costs and expenses in connection with any action or\nproceeding by or on behalf of the bondholders, are fully met and\ndischarged.\n 2. The authority is hereby authorized, in its discretion, for and on\nbehalf of itself and the city of White Plains, to covenant and agree\nwith the holders of the bonds, with such exceptions and limitations as\nit may deem in the public interest, that no public parking areas or\nplaces except those constructed by the authority will be constructed or\noperated in the city by the city, or by any public benefit or other\ncorporation the members of which are elected or are appointed by city\nofficials, until all bonds, together with interest thereon, interest on\nany unpaid installments of interest and all costs and expenses in\nconnection with any action or proceeding by or on behalf of the\nbondholders are fully met and discharged or adequate provision has been\nmade for the payment thereof.\n