§ 1570-j. Agreements of the village. 1. The village 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 village will not alter, limit or
impair the rights hereby vested in the authority by this title 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. Nothing contained in
this title shall be deemed to restrict any right of the village to
amend, modify, or otherwise alter local laws, ordinances, resolutions or
agreements imposing or relating to taxes or fees or appropriations
relating thereto. There shall not be included in any resolution,
contract or agreement with the holders of its bonds or other obligations
any provision which provides that a default shall occur as a result of
the village exercising its right to amend, repeal, modify or otherwise
alter such laws, ordinances, resolutions or agreements.

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 the mayor, to covenant and agree with the holders of the
bonds, with such exceptions and limitations as it may deem to be in the
public interest, that no public parking areas except those acquired and
operated by the authority will be constructed or operated in the village
by the village, or by any public benefit or other corporation the
members or some of which are elected or are appointed by village
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 in this subdivision shall be
deemed to impair the right of the village to install and operate parking
meters on the public streets of the village.