State Codes and Statutes
Statutes > New-york > Pba > Article-7 > Title-9-a > 1590-k§ 1590-k. Agreements of the city. 1. The city of Utica 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, subject to approval by the common council and mayor of the city of Utica 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, including the installation or operation of parking meters on the 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 provided, however, nothing herein contained shall be deemed to impair the right of the city to continue to operate the Kennedy Plaza garage (Urban Renewal Project) U.R.N.Y. 9-1; or to sell, transfer, assign and convey its rights therein.
