(a) the town and county will not limit or alter the rights hereby vested in the authority to acquire, construct, maintain, reconstruct, 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 and 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; and

(b) no facilities except those acquired, constructed and operated by the authority created herein shall be acquired, constructed and operated for foreign trade zone purposes by the town or county or by any public benefit or other corporation whose members, or any member, are elected or appointed by the town board of the town of Islip until the bonds or notes, together with interest thereon, with interest on any unpaid installment 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. Any public officer or employee of the town of Islip or county of Suffolk, selected by the authority may, with the consent of the municipality, by which he or she has been employed, be transferred to the authority and shall be eligible for such transfer to the authority. The salary or compensation of any such officer or employee shall, after such transfer, be paid and fixed by the authority. Any such officers or employees so transferred to the authority pursuant to the provisions of this section, who are members of or beneficiaries under an existing pension or retirement system, shall continue to have all rights, privileges, obligations and status with respect to such fund system or systems as are now prescribed by law, but during the period of their employment by the authority, all contributions to a pension or retirement system to be paid by the employer on account of such officers or employees, shall be paid by the authority.