§ 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.