N.Y. PBA Law § 1621-K

* § 1621-k. Agreements of the city and the state. 1. The city is\nauthorized to, and the state of New York does hereby pledge to and agree\nwith the holders of the bonds or notes that neither the city nor the\nstate, respectively, will limit or alter the rights hereby vested in the\nauthority to acquire, construct, reconstruct, improve, equip, furnish,\nmaintain or operate any project or projects, to establish and collect\nrentals, fees and other charges and to fulfill the terms of any\nagreements made with the holders of the bonds or notes, or in any way\nimpair the rights and remedies of the bondholders or noteholders, until\nthe bonds or notes, together with interest thereon, with interest on any\nunpaid installments of interest and all costs and expenses in connection\nwith any action or proceeding by or on behalf of the bondholders or\nnoteholders, are fully met and discharged.\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 of the city of Middletown, to covenant and agree with the holders\nof the bonds or notes, with such exceptions and limitations as it may\ndeem in the public interest and in the interests of the authority's\nbondholders and noteholders, that no public parking areas or spaces,\nincluding the installation and operation of parking meters on the public\nstreets of the city, except those acquired and operated by the authority\nwill be constructed or operated in the city by the city (except as\nhereinafter provided), or by any public benefit or other corporation,\nthe members of which are elected or appointed by city officials, until\neither: (a) the bonds or notes, together with interest thereon, interest\non any unpaid installments of interest and all costs and expenses in\nconnection with any action or proceeding by or on behalf of the\nbondholders or noteholders are fully met and discharged; or (b)\nprincipal or interest of any of the bonds or notes shall be overdue and\nunpaid for a period of three years or more; provided, however, nothing\ncontained in this section shall be deemed to impair the right of the\ncity to continue to operate the presently existing municipal parking\nfacilities and any replacements thereof.\n * NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)\n