N.Y. PBA Law § 1599-J*3

* § 1599-j. Agreements of the state. 1. The city of Niagara Falls does\npledge to and agree with the holders of the bonds that the city will not\nlimit 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 Niagara Falls 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 except\nthose acquired and operated by the authority will be constructed or\noperated in the city by the city, or by any public benefit or other\ncorporation the members or some of which are elected or are appointed by\ncity officials, until either (a) the bonds, together with interest\nthereon, 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 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 herein contained shall be\ndeemed to impair the right of the city to install and operate parking\nmeters on the public streets of the city.\n * NB Authority ceased to exist 07/01/1974\n * NB There are 4 § 1599-j's\n