Section 1595-K. Agreements of the village

1.  The village of Owego 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  rental  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 Owego 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.