N.Y. PBA Law § 1599-K*4

* § 1599-k. Agreements of the city and the state. 1. The city is\nauthorized to, and the state does hereby pledge to and agree with the\nholders of the bonds that the city will not limit or alter the rights\nhereby vested in the authority to acquire, construct, maintain,\nreconstruct, improve, equip, furnish and operate any project or\nprojects, to establish and collect rentals, fees and other charges and\nto fulfill the terms of any agreements made with the holders of the\nbonds or notes, or in any way impair the rights and remedies of the\nbondholders or noteholders, until the bonds or notes, together with\ninterest thereon, with interest on any unpaid installments of interest\nand all costs and expenses in connection with any action or proceeding\nby or on behalf of the bondholders or noteholders, are fully met and\ndischarged.\n 2. The authority is hereby authorized, subject to approval of the city\ncouncil to covenant and agree with the holders of the bonds, with such\nexceptions and limitations as it may deem in the public interest and in\nthe interests of the authority's bondholders and noteholders, that no\npublic parking areas except those acquired and operated by the authority\nwill be constructed or operated in the city by the city, or by any\npublic 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 herein contained shall be deemed to impair the right of the city\nto install and operate parking meters on the public streets of the city.\n * NB Authority ceased to exist 08/05/2002\n * NB There are 4 § 1599-k's\n