Section 1425-K. Agreements of the city

1. The city of Hudson 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 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 Hudson, 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,  except  that  meters may be installed and operated on public
  streets of the city, 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.