Section 1600-K. Agreements of the village and the state

1. The village is
  authorized to, and the state of New York does hereby pledge to and agree
  with  the holders of the bonds or notes that neither the village nor the
  state, respectively, will limit or alter the rights hereby vested in the
  authority to acquire, construct, reconstruct, improve,  equip,  furnish,
  maintain  or  operate  any 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 notes, or in any way
  impair the rights and remedies of the bondholders or noteholders,  until
  the bonds or notes, 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 or
  noteholders, are fully met and discharged.
    2. The authority is hereby authorized, in its discretion, for  and  on
  behalf  of  itself  and,  subject  to  approval  by the village board of
  trustees and mayor, the village of Tarrytown, to covenant and agree with
  the holders of the bonds or notes, with such exceptions and  limitations
  as  it  may  deem  in  the  public  interest and in the interests of the
  authority's bondholders and noteholders, that no public parking areas or
  spaces, including the installation and operation of  parking  meters  on
  the public streets of the village, except those acquired and operated by
  the  authority  will  be  constructed  or operated in the village by the
  village (except as hereinafter provided), or by any  public  benefit  or
  other  corporation, the members of which are elected or appointed by the
  village officials, until either (a) the bonds or  notes,  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  or  noteholders  are  fully  met   and
  discharged;  or  (b)  principal or interest of any of the bonds or notes
  shall be overdue and unpaid  for  a  period  of  three  years  or  more;
  provided,  however,  nothing  herein contained shall be deemed to impair
  the right of the village to continue to operate the  presently  existing
  municipal parking facilities and any replacements thereof.
    * NB Ceased to exist December 31, 1999
    * NB There are 2 § 1600-k's