2006 New York Code - Bonds Of The Authority.

 
    §  1958. Bonds of the authority. 1. The authority shall have the 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  any  of its corporate purposes without limitation as to amount. The
  authority shall have power from time  to  time  and  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  hereinabove described. The refunding bonds may be exchanged for
  the bonds to be refunded, with such cash adjustments as may  be  agreed,
  or  may  be  sold and the proceeds applied to the purchase or payment of
  the bonds to be refunded. In computing the total amount of bonds of  the
  authority  which  may  at  any  time  be  outstanding  the amount of the
  outstanding bonds to be refunded from the proceeds of the  sale  of  new
  bonds  or  by  exchange  of  new  bonds shall be excluded. Except as may
  otherwise be expressly provided by the authority,  the  bonds  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  pledging  any  particular  moneys  or
  revenues.
    2.  The  bonds  shall be authorized by resolution of the authority and
  shall bear such date or dates,  mature  at  such  time  or  times,  bear
  interest  at  such  rates,  payable  at  such  time or times, 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. The bonds may be sold at public or private sale
  for such price or prices as the authority shall determine.
    3. 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 thereby authorized, as to
    (a)  pledging all or any part of the revenues of a project or projects
  to secure the payment of the bonds,  subject  to  such  agreements  with
  bondholders or the city 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 a 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  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 or other 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) vesting in a trustee or trustees such property, rights, powers and
  duties  in trust as the authority may determine which may include any or
  all the rights, powers and duties  of  the  trustees  appointed  by  the
  bondholders pursuant to section nineteen hundred and fifteen hereof, and
  limiting or abrogating the right of the bondholders to appoint a trustee
  under said section or limiting the rights, duties and powers of trustee;
    (j)  any  other  matters, of like or different character, which in any
  way affect the security or protection of the bonds.