Section 1421-J. Agreements of the village

1. The village of Johnson City is
  authorized to pledge to and agree with the holders of the bonds that the
  village  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 village of Johnson City 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 except
  those acquired and operated by the  authority  will  be  constructed  or
  operated  in  the  village  by  the village, or by any public benefit or
  other corporation the members or  some  of  which  are  elected  or  are
  appointed  by  village  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.