2006 New York Code - Bonds Of The Authority.

 
    §  1010. Bonds of the authority. 1. The authority shall have power and
  is hereby authorized from time to time to issue its negotiable bonds  in
  conformity with applicable provisions of the uniform commercial code for
  the purpose of financing any project authorized by this title, including
  the  acquisition  of  any real or personal property or facilities deemed
  necessary by the authority.
    2. In anticipation of the sale of such bonds the authority  may  issue
  negotiable   bond  anticipation  notes  in  conformity  with  applicable
  provisions of the uniform commercial code and may renew  the  same  from
  time  to  time  but  the  maximum  maturity  of any such note, including
  renewals thereof, shall not exceed five years from the date of issue  of
  such  original  notes.  Such  notes shall be paid from any moneys of the
  authority available therefor and not  otherwise  pledged,  or  from  the
  proceeds  of sale of the bonds of the authority in anticipation of which
  they were issued. Such notes shall not be issued in an amount in  excess
  of  the amount of bonds which the authority is authorized to issue, less
  the  amount  of  any  bonds  or  other  notes  theretofore  issued   and
  outstanding.  The notes shall be issued in the same manner as the bonds.
  Such notes and the resolution or resolutions authorizing  the  same  may
  contain   any   provisions,  conditions  or  limitations  which  a  bond
  resolution of the authority may contain.
    3. Except as may be otherwise expressly provided by the authority, the
  bonds and notes of every issue  shall  be  general  obligations  of  the
  authority  payable  out  of  any  moneys  or  revenues of the authority,
  subject only to any agreements with the holders of particular  bonds  or
  notes pledging any particular moneys or revenues.
    4. The authority shall have power from time to time, whenever it deems
  refunding  expedient,  to refund any bonds by the issuance of new bonds,
  whether the bonds to be refunded have or have not matured, and may issue
  bonds partly to refund bonds then outstanding and partly for  any  other
  purpose hereinbefore described. Refunding bonds may be exchanged for the
  bonds  to  be  refunded, with such cash adjustments as may be agreed, or
  may be sold with the proceeds applied to the purchase or payment of  the
  bonds to be refunded.
    5.  The  bonds  may be issued payable in annual installments or may be
  issued as term bonds or the authority,  in  its  discretion,  may  issue
  bonds  of both types. The bonds shall be authorized by resolution of the
  trustees of the authority and shall bear such date or dates,  mature  at
  such  time  or  times,  not  exceeding fifty years from their respective
  dates, bear  interest  at  such  rate  or  rates,  payable  annually  or
  semi-annually,  be in such denominations, be in such form, either coupon
  or registered, carry such registration privileges, be executed  in  such
  manner,  be  payable  in lawful money of the United States of America at
  such place or places, and be subject to such  terms  of  redemption,  as
  such  resolution  or  resolutions  may provide.   In the event that term
  bonds are issued, the resolution authorizing  the  same  may  make  such
  provisions  for  the  establishment  and  management of adequate sinking
  funds for the payment thereof, as the authority may deem necessary.  The
  bonds  or  notes may be sold at public or private sale for such price or
  prices as the authority shall determine.   Pending  preparation  of  the
  definite  bonds, the authority may issue interim receipts which shall be
  exchanged for such bonds.
    6. Any resolution or resolutions authorizing any bonds or any issue of
  bonds may contain provisions, which shall be a part of the contract with
  the holders of the bonds to be authorized as to
    (a) pledging all or any part of the revenues of  the  project  or  any
  revenue  producing  contract or contracts made by the authority with any
  individual,  partnership,  corporation  or  association  to  secure  the
  payment  of  the  bonds  or of any particular issue of bonds, subject to
  such agreements with bondholders as may then exist;
    (b) the rentals, fees and other charges to be charged, and the amounts
  to  be  raised  in each year thereby, and the use and disposition of the
  revenues;
    (c) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (d) limitations on the right of the authority to restrict and regulate
  the use of any project;
    (e) limitations on the purpose to which the proceeds of  sale  of  any
  issue  of  bonds  then  or  thereafter  to  be issued may be applied and
  pledging such proceeds to secure the payment of  the  bonds  or  of  any
  issue of the bonds;
    (f)  limitations  on  the issuance of additional bonds; the terms upon
  which additional bonds may be  issued  and  secured;  the  refunding  of
  outstanding bonds;
    (g)  the  procedure,  if  any, by which the terms of any contract with
  bondholders may be amended or abrogated, the amount of bonds the holders
  of which must consent thereto, and the manner in which such consent  may
  be given;
    (h)  limitations  on the amount of moneys derived from a project to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (i)  defining  the  acts  or omissions to act which shall constitute a
  default in the duties of the authority to holders of its obligations and
  providing the rights and remedies of such holders  in  the  event  of  a
  default.
    7.  Notwithstanding  any  other  provisions  of  this  title, any such
  resolution or resolutions shall contain a covenant by the authority that
  it will at all times maintain rates, fees or charges sufficient to  pay,
  and  that  any  contracts  entered  into  by the authority for the sale,
  transmission or distribution of  power  shall  contain  rates,  fees  or
  charges  sufficient to pay the costs of operation and maintenance of the
  project, the  principal  of  and  interest  on  any  obligations  issued
  pursuant  to  such  resolution  as  the  same  severally  become due and
  payable, and to maintain any reserves required  by  the  terms  of  such
  resolution or resolutions.
    8.  It  is  the  intention hereof that any pledge of revenues or other
  moneys or of a revenue producing  contract  or  contracts  made  by  the
  authority  shall  be  valid and binding from the time when the pledge is
  made; that the revenues or other moneys or proceeds of any  contract  or
  contracts  so  pledged  and  thereafter  received by the authority shall
  immediately be subject to the lien of such pledge without  any  physical
  delivery  thereof  or  further act; and that the lien of any such pledge
  shall be valid and binding as against all parties having claims  of  any
  kind  in  tort, contract or otherwise against the authority irrespective
  of whether such parties have notice thereof. Neither the resolution  nor
  any other instrument by which a pledge is created need be recorded.
    9.  Neither  the members of the authority nor any person executing the
  bonds or notes shall be liable personally on the bonds or  notes  or  be
  subject  to  any  personal  liability or accountability by reason of the
  issuance thereof.
    10. The authority shall have power out of any funds available therefor
  to purchase bonds or notes. The authority may hold,  pledge,  cancel  or
  resell  such  bonds,  subject  to and in accordance with agreements with
  bondholders.
    11. Any bonds or  notes  issued  by  the  authority  are  hereby  made
  securities in which all public officers and bodies of this state and all
  municipalities  and  municipal subdivisions, all insurance companies and
  associations and other persons carrying on an  insurance  business,  all
  banks, bankers, trust companies, savings banks and savings associations,
  including savings and loan associations, building and loan associations,
  investment  companies  and other persons carrying on a banking business,
  and all other persons whatsoever, except as  hereinafter  provided,  who
  are  now  or  may  hereafter  be  authorized to invest in bonds or other
  obligations  of  the  state,  may  properly  and  legally  invest  funds
  including  capital in their control or belonging to them; provided that,
  notwithstanding the provisions of any other general or  special  law  to
  the  contrary,  such  bonds  and  notes  shall  not  be eligible for the
  investment  of  funds,  including  capital,  of   trusts,   estates   or
  guardianships under the control of individual administrators, guardians,
  executors,  trustees  and  other  individual fiduciaries except when any
  such individual fiduciary shall be acting in such capacity with  one  or
  more  corporate co-fiduciaries. The bonds and notes are also hereby made
  securities which may be deposited with and  shall  be  received  by  all
  public  officers  and  bodies  of  this state and all municipalities and
  municipal subdivisions for any purpose for which the deposit of bonds or
  other obligations of this state is now or may hereafter be authorized.