§ 1435. Agreements of the state. 1. The state of New York does pledge
to and agree with the holders of the bonds that the state 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 White Plains, 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 or
places except those constructed by the authority will be constructed or
operated in the city by the city, or by any public benefit or other
corporation the members of which are elected or are appointed by city
officials, until all 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 adequate provision has been
made for the payment thereof.