Section 1475-K. Agreements of the city

1. The city is authorized to pledge
  to and agree with the holders of  any  bonds  issued  by  the  authority
  pursuant  to this title and with those persons or public authorities who
  may enter into contracts with the authority pursuant to  the  provisions
  of  this  title that the city will not alter, limit or impair the rights
  hereby vested in the authority to purchase, construct, own and  operate,
  maintain, repair, improve, reconstruct, renovate, rehabilitate, enlarge,
  increase  and  extend,  or  dispose of any project, or any part or parts
  thereof, for which bonds of the authority shall  have  been  issued,  to
  establish,  collect  and  adjust  rates,  rents,  fees and other charges
  referred to in this title, to fulfill the terms of any  agreements  made
  with  the  holders  of  the bonds or with any public authority or person
  with reference to such project or part thereof, or in any way impair the
  rights and remedies of the holders of bonds, until the  bonds,  together
  with  interest thereon, including 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 holders of bonds, are fully met and
  discharged and such contracts are fully performed on  the  part  of  the
  authority.
    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,
  provided  that  nothing  herein  contained shall be deemed to impair the
  right of the city to install and operate parking meters  on  the  public
  streets of the city.