2012 New York Consolidated Laws
PBA - Public Authorities
Article 7 - PARKING AUTHORITIES
Title 14*** - (1599-A*4 - 1599-W) CITY OF SCHENECTADY PARKING AUTHORITY
1599-K*4 - Agreements of the city and the state.

 
    * §  1599-k.  Agreements  of  the  city  and the state. 1. The city is
  authorized to, and the state does hereby 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,   improve,  equip,  furnish  and  operate  any  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 notes, or in any way impair the  rights  and  remedies  of  the
  bondholders  or  noteholders,  until  the  bonds or notes, 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 or noteholders,  are  fully  met  and
  discharged.
    2. The authority is hereby authorized, subject to approval of the city
  council  to  covenant and agree with the holders of the bonds, with such
  exceptions and limitations as it may deem in the public interest and  in
  the  interests  of  the authority's bondholders and noteholders, 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.
    * NB Authority ceased to exist 08/05/2002
    * NB There are 4 § 1599-k's