N.Y. PBA Law § 1500-K

§ 1500-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 by this title to purchase, construct, own\nand operate, maintain, repair, improve, reconstruct, renovate,\nrehabilitate, enlarge, increase and extend, or dispose of any covered\nproject, or any part or parts thereof, for which bonds of the authority\nshall have been issued, to establish, collect and adjust rates, rents,\nfees and other charges referred to in this title, to fulfill the terms\nof any agreements made with the holders of the bonds or with any public\nauthority or person with reference to such project or part thereof, or\nin any way impair the rights and remedies of the holders of bonds, until\nthe bonds, together with interest thereon, including interest on any\nunpaid installments of interest, and all costs and expenses in\nconnection with any action or proceeding by or on behalf of the holders\nof bonds, are fully met and discharged and such contracts are fully\nperformed on the part of the authority.\n 2. The authority is hereby authorized, in its discretion, for and on\nbehalf of itself and subject to approval by the common council and the\nmayor, to covenant and agree with the holders of the bonds, with such\nexceptions and limitations as it may deem to be in the public interest,\nthat no public parking areas except those acquired and operated by the\nauthority will be constructed or operated in the city by the city, or by\nany public benefit or other corporation the members or some of which are\nelected or are appointed by city officials, until either (a) the bonds,\ntogether with interest thereon, 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 bondholders are fully met and\ndischarged or (b) principal or interest of any of the bonds shall be\noverdue and unpaid for a period of three years or more, provided that\nnothing in this section shall be deemed to impair the right of the city\nto install and operate parking meters on the public streets of the city.\n