New York Laws
Title 21 - Middletown Parking Authority
1621-K - Agreements of the City and the State.

§ 1621-k. Agreements of the city and the state. 1. The city is
authorized to, and the state of New York does hereby pledge to and agree
with the holders of the bonds or notes that neither the city nor the
state, respectively, will limit or alter the rights hereby vested in the
authority to acquire, construct, reconstruct, improve, equip, furnish,
maintain or 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, in its discretion, for and on
behalf of itself and, subject to approval by the common council and the
mayor of the city of Middletown, to covenant and agree with the holders
of the bonds or notes, 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 or spaces,
including the installation and operation of parking meters on the public
streets of the city, except those acquired and operated by the authority
will be constructed or operated in the city by the city (except as
herinafter provided), or by any public benefit or other corporation, the
members of which are elected or appointed by city officials, until
either (a) the bonds or notes, 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 or noteholders are fully met and discharged; or (b)
principal or interest of any of the bonds or notes shall be overdue and
unpaid for a period of three years or more; provided, however, nothing
herein contained shall be deemed to impair the right of the city to
continue to operate the presently existing municipal parking facilities
and any replacements thereof.