2006 New York Code - Bonds Of The Agency.

 
    § 2051-h*. Bonds of the agency. 1. The agency shall have the power and
  is  hereby  authorized  from  time to time to issue bonds, in conformity
  with applicable provisions of  the  uniform  commercial  code,  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 agency 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 agency may be general obligations
  secured by the faith  and  credit  of  the  agency  or  may  be  special
  obligations payable solely out of particular revenues or other moneys as
  may be designated in the proceedings of the agency under which the bonds
  shall  be authorized to be issued and subject to any agreements with the
  holders of outstanding bonds pledging any particular revenues or moneys.
  The agency may also enter into bank loan agreements, lines of credit and
  other security agreements and obtain for or on  its  behalf  letters  of
  credit  in each case for securing its bonds or to provide direct payment
  of any costs which the agency is authorized to pay.
    2. Bonds shall be authorized by resolution of the agency, be  in  such
  denominations  and  bear  such  date or dates and mature at such time or
  times, as such  resolution  may  provide,  except  that  notes  and  any
  renewals  thereof  shall  mature  within five years from the date of the
  original issuance and bonds shall mature within thirty  years  from  the
  date  of original issuance of any such bond or note. The bonds and notes
  shall be subject to such terms of redemption, bear interest at such rate
  or rates 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,  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 agency shall determine.
  Bonds of the agency shall not be sold by  the  agency  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  agency  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 agency to secure the payment of  the  bonds,  including
  but  not  limited to any contracts, earnings or proceeds of any grant to
  the agency received from any private or public source;
    (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 agency and the amount to be raised in each year thereby  and  the
  use and disposition of revenues;
    (e)  Limitations  on  the right of the agency 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, 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 agency 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 fifty-one-i 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 agency 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;
    (1) Limitations on the power  of  the  agency  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 agency;
    (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 agency 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  agency  to
  secure  its  bonds  and  the  notes,  the  agency  shall  have  power in
  connection with the issuance of bonds  and  notes  to  enter  into  such
  agreements  as  the  agency  may deem necessary, convenient or desirable
  concerning the use or disposition of its moneys  or  property  including
  the  mortgaging  of  any  such  property and the entrusting, pledging or
  creation of any other security interest in any such moneys  or  property
  and the doing of any act, including refraining from doing any act, which
  the agency would have the right to do in the absence of such agreements.
  The  agency  shall  have  power  to  enter  into  amendments of any such
  agreements within the powers granted to the agency 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 and notes  of  the
  agency.
    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  agency 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   agency
  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 agency 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 agency, subject to such agreements with bondholders as then may
  exist, shall have power out of any moneys available therefor to purchase
  bonds  of the agency, 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.