§ 1596-K — Agreements of the state

§ 1596-k. Agreements of the state. 1. The state of New York does\npledge to and agree with the holders of the bonds that the state will\nnot limit or 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 Yonkers, to covenant and agree with the\nholders of the bonds, with such exceptions and limitations as it may\ndeem in the public interest, that no public parking areas or spaces\nexcept those acquired and operated by the authority will be constructed\nor operated 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 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.\n