2006 New York Code - Bonds Of The Authority.

 
    §  2049-hh.  Bonds  of  the authority. 1. The authority shall have the
  power and is hereby authorized from time to time to issue bonds in  such
  principal amounts as it may determine to be necessary to pay the cost of
  any  project  or  for  any other corporate purpose, including incidental
  expenses in connection therewith. The authority shall  have  power  from
  time  to  time  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
  corporate  purpose.  Bonds  issued  by  the  authority  may  be  general
  obligations  secured  by the faith and credit of the authority or may be
  special obligations payable solely out of particular revenues  or  other
  moneys  as  may  be designated in the proceedings of the authority under
  which the bonds shall be authorized to be issued, subject as to priority
  only to any agreements with the holders of  outstanding  bonds  pledging
  any  particular  property,  revenues  or  moneys. The authority may also
  enter  into  loan  agreements,  lines  of  credit  and  other   security
  agreements and obtain for or on its behalf letters of credit, insurance,
  guarantee  or  other  credit  support  to  the  extent  now or hereafter
  available, in each case for securing its  bonds  or  to  provide  direct
  payment of any costs which the authority is authorized to pay.
    2.  Bonds  shall  be  authorized by resolution of the authority, be in
  such denominations and bear such date or dates and mature at  such  time
  or  times,  as  such  resolution  may provide, provided that bonds shall
  mature within thirty years from the date of  original  issuance  of  any
  such  bonds.  Obligations with a maturity of five years or less from the
  date of their original issuance may be denominated as notes. Bonds shall
  be subject to such terms of redemption, bear interest at  such  rate  or
  rates, which may vary from time to time, be payable at such times, be in
  such  form,  carry  such  registration  privileges,  be executed in such
  manner, be payable in such medium of payment at such  place  or  places,
  shall  be  subject to tender to the authority with or without extinction
  or cancellation and be subject to such  terms  and  conditions  as  such
  resolution  may provide. Bonds may be sold at public or private sale for
  such price or prices as the authority shall determine, provided that  no
  bonds  of  the  authority shall be sold by the authority at private sale
  unless such sale and the terms thereof have been approved in writing  by
  the  state comptroller, which such sale is not to the comptroller, or by
  the state director of the budget, where such sale is to the comptroller.
  The authority may pay all expenses, premiums and  commissions  which  it
  may  deem  necessary or advantageous in connection with the issuance and
  sale of bonds.
    3. Any resolution or resolutions authorizing bonds  or  any  issue  of
  bonds  may  contain  provisions which may 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,  other  moneys  or
  property, of the authority to secure the payment of the bonds, including
  but  not  limited to any contracts, earnings or proceeds of any grant to
  the authority received from any private or  public  source,  subject  to
  such agreements as may then exist; (b) The setting aside of reserves and
  the  creation  of  sinking  funds  and  the  regulations and disposition
  thereof;
    (c) Limitations on the purpose to which the proceeds from the sale  of
  the bonds may be applied;
    (d) The rates, rents, fees and other charges to be fixed and collected
  by  the  authority  and the amount to be raised in each year thereby and
  the use and disposition of revenues;
    (e) Limitations on the right of the authority to restrict and regulate
  the use of the project or part thereof in connection  with  which  bonds
  are issued;
    (f)  Limitations  on  the issuance of additional bonds, the terms upon
  which additional bonds may be issued and secured and  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)  The  creation  of special funds into which any revenues or moneys
  may be deposited;
    (i) The terms and provisions of any trust, mortgage, deed or indenture
  securing the bonds under which the bonds may be issued;
    (j) Vesting in a trustee or trustees such properties,  rights,  powers
  and duties in trust as the authority may determine which may include any
  or  all of the rights, powers and duties of the trustee appointed by the
  bondholders pursuant to section two thousand forty-nine-ii of this title
  and limiting or abrogating the rights of the bondholders  to  appoint  a
  trustee  under such section or limiting the rights, duties and powers of
  such trustee;
    (k) Defining the acts or  omission  to  act  which  may  constitute  a
  default   in  the  obligations  and  duties  of  the  authority  to  the
  bondholders and providing for the rights and remedies of the bondholders
  in the event of  such  default  including  as  a  matter  of  right  the
  appointment  of  a  receiver,  provided,  however,  that such rights and
  remedies shall not be inconsistent with the general laws  of  the  state
  and other provisions of this title;
    (l)  Limitations  on  the  power of the authority to sell or otherwise
  dispose of any project or any part thereof;
    (m) Limitations on the amount of  revenues  and  other  moneys  to  be
  expended   for  operating,  administrative  or  other  expenses  of  the
  authority;
    (n) The payment of the proceeds of bonds, revenues and other moneys to
  a trustee or other  depository,  and  for  the  method  of  disbursement
  thereof  with  such  safeguards  and  restrictions  as the authority may
  determine; and
    (o) Any other matters of like or different character which in any  way
  affect  the  security  or  protection  of  the  bonds  or the rights and
  remedies of bondholders.
    4. In addition to the powers herein conferred upon  the  authority  to
  secure  its bonds, the authority shall have power in connection with the
  issuance of bonds to enter into such agreements  as  the  authority  may
  deem   necessary,   convenient   or  desirable  concerning  the  use  or
  disposition of its revenues or other moneys or property,  including  the
  mortgaging  of  any property and the entrusting, pledging or creation of
  any other security interest in any such  revenues  or  other  moneys  or
  property  and  the doing of any act, including refraining from doing any
  act, which the authority would have the right to do in  the  absence  of
  such agreements. The authority shall have power to enter into amendments
  of  any  such  agreements  within the powers granted to the authority by
  this title and to perform such agreements. The provisions  of  any  such
  agreements  may be made a part of the contract with the holders of bonds
  of the authority.
    5. Any provision of  the  uniform  commercial  code  to  the  contrary
  notwithstanding,  any  pledge of or other security interest in revenues,
  moneys, accounts, contract rights, general intangibles or other personal
  property made or created by the authority shall be  valid,  binding  and
  perfected  from  the  time  when  such  pledge is made or other security
  interest attaches without any physical delivery  of  the  collateral  or
  further  act, and the lien of any such pledge or other security interest
  shall  be valid, binding and perfected against all parties having claims
  of any kind  in  tort,  contract  or  perfected  against  the  authority
  irrespective  of  whether  or  not  such parties have notice thereof. No
  instrument by which such a pledge or security interest  is  created  nor
  any financing statement need be recorded or filed.
    6.  Whether  or  not the bonds are of such form and character as to be
  negotiable instruments under the terms of the uniform  commercial  code,
  the  bonds  are hereby made negotiable instruments within the meaning of
  and for the purposes of the uniform commercial code, subject only to the
  provisions of the bonds for registration.
    7. Neither the members of the authority nor any person executing bonds
  shall be liable  personally  thereon  or  be  subject  to  any  personal
  liability or accountability by reason of the issuance thereof.
    8.  The authority, subject to such agreements with bondholders as then
  may exist, shall have power out of  any  moneys  available  therefor  to
  purchase bonds of the authority which shall thereupon be cancelled, at a
  price not exceeding (a) if the bonds are then redeemable, the redemption
  price  then  applicable,  plus  accrued  interest  to  the next interest
  payment date, (b) if the bonds are not then redeemable,  the  redemption
  price  applicable  on  the first date after such purchase upon which the
  bonds become subject to redemption plus accrued  interest  to  the  next
  interest payment date.