§ 1500-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 by this title to purchase, construct, own
and operate, maintain, repair, improve, reconstruct, renovate,
rehabilitate, enlarge, increase and extend, or dispose of any covered
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 subject to approval by the common council 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 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 in this section shall be deemed to impair the right of the city
to install and operate parking meters on the public streets of the city.