(b) The authority is hereby authorized, in its discretion, for and on behalf of itself and the village of Mount Kisco 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. * NB Authority ceased to exist 06/01/1976 * NB There are 2 § 1599-kkk's
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