2006 New York Code - Agreements Of The Village.

 
    § 1599-kk. Agreements of the village. (a) The village of Spring Valley
  is  authorized to pledge to and agree with the holders of the bonds that
  the village 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.
    (b)  The authority is hereby authorized, in its discretion, for and on
  behalf of itself and the village of Spring Valley 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 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
    (1) 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
    (2)  principal  or  interest  of any of the bonds shall be overdue and
  unpaid for a period of three years or more.