Section 1598-J. Agreements of the city

1. The city is authorized to pledge
  to and agree with the holders of the bonds that the city 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 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 city by
  the city, or by any public benefit or other corporation the  members  or
  some  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.