Section 1410. Agreements of the city

1. The city of Amsterdam 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 of Amsterdam to covenant and agree with
  the 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.