Section 1622-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 Nyack, 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.