N.Y. PBA Law § 1622-K

§ 1622-k. Agreements of the village and the state. 1. The village 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 village 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 village board of\ntrustees and mayor, the village of Nyack, to covenant and agree with the\nholders of the bonds or notes, with such exceptions and limitations as\nit may deem in the public interest and in the interests of the\nauthority's bondholders and noteholders, that no public parking areas or\nspaces, including the installation and operation of parking meters on\nthe public streets of the village, except those acquired and operated by\nthe authority will be constructed or operated in the village by the\nvillage (except as hereinafter provided), or by any public benefit or\nother corporation, the members of which are elected or appointed by the\nvillage officials, until either (a) the bonds or notes, together with\ninterest thereon, interest on any unpaid installments of interest and\nall costs and expenses in connection with any action or proceeding by or\non behalf of the bondholders or noteholders are fully met and\ndischarged; or (b) principal or interest of any of the bonds or notes\nshall be overdue and unpaid for a period of three years or more;\nprovided, however, nothing herein contained shall be deemed to impair\nthe right of the village to continue to operate the presently existing\nmunicipal parking facilities and any replacements thereof.\n