§ 1475-K — Agreements of the city

New York § 1475-K

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Syracuse Parking Authority
• Art. 7: Parking Authorities

Text

§ 1475-k. Agreements of the city. 1. The city is authorized to pledge\nto and agree with the holders of any bonds issued by the authority\npursuant to this title and with those persons or public authorities who\nmay enter into contracts with the authority pursuant to the provisions\nof this title that the city will not alter, limit or impair the rights\nhereby vested in the authority to purchase, construct, own and operate,\nmaintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,\nincrease and extend, or dispose of any project, or any part or parts\nthereof, for which bonds of the authority shall have been issued, to\nestablish, collect and adjust rates, rents, fees and other charges\nreferred to in this title, to fulfill the terms of any agreements made\nwith the holders of the bonds or with any public authority or person\nwith reference to such project or part thereof, or in any way impair the\nrights and remedies of the holders of bonds, until the bonds, together\nwith interest thereon, including interest on any unpaid installments of\ninterest, and all costs and expenses in connection with any action or\nproceeding by or on behalf of the holders of bonds, are fully met and\ndischarged and such contracts are fully performed on the part of the\nauthority.\n 2. The authority is hereby authorized, in its discretion, for and on\nbehalf of itself and the city to covenant and agree with the holders of\nthe bonds, with such exceptions and limitations as it may deem in the\npublic interest, that no public parking areas except those acquired and\noperated by the authority will be constructed or operated in the city by\nthe city, or by any public benefit or other corporation the members or\nsome of which are elected or are appointed by city officials, until\neither (a) the bonds, together with interest thereon, interest on any\nunpaid installments of interest and all costs and expenses in connection\nwith any action or proceeding by or on behalf of the bondholders are\nfully met and discharged or (b) principal or interest of any of the\nbonds shall be overdue and unpaid for a period of three years or more,\nprovided that nothing herein contained shall be deemed to impair the\nright of the city to install and operate parking meters on the public\nstreets of the city.\n