Section 1420-L. Agreements of the state

1. The state of New York does
  pledge to and agree with the holders of the bonds that  the  state  will
  not limit or alter the rights hereby vested in the authority to acquire,
  construct, maintain, reconstruct and operate the project or projects, to
  establish and collect rentals, fees and other charges and to fulfill the
  terms  of  any  agreements made with the holders of the bonds, or in any
  way impair the rights and remedies of the bondholders, until the  bonds,
  together with interest thereon, with interest on any unpaid installments
  of  interest and all costs and expenses in connection with any action or
  proceeding by or on  behalf  of  the  bondholders,  are  fully  met  and
  discharged.
    2.  The  authority is hereby authorized, in its discretion, for and on
  behalf of itself and the participating municipalities, to  covenant  and
  agree   with  the  holders  of  the  bonds,  with  such  exceptions  and
  limitations as it may deem  in  the  public  interest,  that  no  public
  parking  areas  or  spaces  except  those  acquired  and operated by the
  authority will be  constructed  or  operated  in  the  district  by  any
  municipality,  or by any public benefit or other corporation the members
  of which are elected or are  appointed  by  municipal  officials,  until
  either  (a)  the  bonds, together with interest thereon, interest on any
  unpaid installments of interest and all costs and expenses in connection
  with any action or proceeding by or on behalf  of  the  bondholders  are
  fully  met  and  discharged  or  (b) principal or interest of any of the
  bonds shall be overdue and unpaid for a period of three years or more.