Section 1596-K. 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 city of Yonkers, 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 city by the city, or by any public benefit or other
  corporation the members of which are elected or are  appointed  by  city
  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.