§ 1570-j. Agreements of the village. 1. The village 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 village 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 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. Nothing contained in this title shall be deemed to restrict any right of the village to amend, modify, or otherwise alter local laws, ordinances, resolutions or agreements imposing or relating to taxes or fees or appropriations relating thereto. There shall not be included in any resolution, contract or agreement with the holders of its bonds or other obligations any provision which provides that a default shall occur as a result of the village exercising its right to amend, repeal, modify or otherwise alter such laws, ordinances, resolutions or agreements.

2. The authority is hereby authorized, in its discretion, for and on behalf of itself and subject to approval by the village board of trustees 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 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 (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 subdivision shall be deemed to impair the right of the village to install and operate parking meters on the public streets of the village.