§ 1570-j. Agreements of the village.
1.The village is authorized to\npledge to and agree with the holders of any bonds issued by the\nauthority pursuant to this title and with those persons or public\nauthorities who may enter into contracts with the authority pursuant to\nthe provisions of this title that the village will not alter, limit or\nimpair the rights hereby vested in the authority by this title to\npurchase, construct, own and operate, maintain, repair, improve,\nreconstruct, renovate, rehabilitate, enlarge, increase and extend, or\ndispose of any project, or any part or parts thereof, for which bonds of\nthe authority shall have been issued, to establish, collect and adjust\nrates, rents, fees and other charges referred to in this title, to\nfulfill the terms of any agreemen
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§ 1570-j. Agreements of the village. 1. The village is authorized to\npledge to and agree with the holders of any bonds issued by the\nauthority pursuant to this title and with those persons or public\nauthorities who may enter into contracts with the authority pursuant to\nthe provisions of this title that the village will not alter, limit or\nimpair the rights hereby vested in the authority by this title to\npurchase, construct, own and operate, maintain, repair, improve,\nreconstruct, renovate, rehabilitate, enlarge, increase and extend, or\ndispose of any project, or any part or parts thereof, for which bonds of\nthe authority shall have been issued, to establish, collect and adjust\nrates, rents, fees and other charges referred to in this title, to\nfulfill the terms of any agreements made with the holders of the bonds\nor with any public authority or person with reference to such project or\npart thereof, or in any way impair the rights and remedies of the\nholders of bonds, until the bonds, together with interest thereon,\nincluding interest on any unpaid installments of interest, and all costs\nand expenses in connection with any action or proceeding by or on behalf\nof the holders of bonds, are fully met and discharged and such contracts\nare fully performed on the part of the authority. Nothing contained in\nthis title shall be deemed to restrict any right of the village to\namend, modify, or otherwise alter local laws, ordinances, resolutions or\nagreements imposing or relating to taxes or fees or appropriations\nrelating thereto. There shall not be included in any resolution,\ncontract or agreement with the holders of its bonds or other obligations\nany provision which provides that a default shall occur as a result of\nthe village exercising its right to amend, repeal, modify or otherwise\nalter such laws, ordinances, resolutions or agreements.\n 2. The authority is hereby authorized, in its discretion, for and on\nbehalf of itself and subject to approval by the village board of\ntrustees and the mayor, to covenant and agree with the holders of the\nbonds, with such exceptions and limitations as it may deem to be in the\npublic interest, that no public parking areas except those acquired and\noperated by the authority will be constructed or operated in the village\nby the village, or by any public benefit or other corporation the\nmembers or some of which are elected or are appointed by village\nofficials, until either (a) the bonds, together with interest thereon,\ninterest on any unpaid installments of interest and all costs and\nexpenses in connection with any action or proceeding by or on behalf of\nthe bondholders are fully met and discharged or (b) principal or\ninterest of any of the bonds shall be overdue and unpaid for a period of\nthree years or more, provided that nothing in this subdivision shall be\ndeemed to impair the right of the village to install and operate parking\nmeters on the public streets of the village.\n