2006 New York Code - Bonds Of The Authority.

 
    §  2079. Bonds of the authority. a. 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  its  corporate  purposes  in  the aggregate principal amount of not
  exceeding four million dollars. 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. 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 for 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.
    b.  The bonds shall be authorized by resolution of the board and shall
  bear such date or dates, mature at such time  or  times,  not  exceeding
  thirty  years from their respective dates, bear interest at such rate or
  rates, not exceeding seven per centum  per  annum  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  prior
  to maturity, at par or a price not exceeding one hundred five per centum
  of  the  face  value, as such resolution or resolutions may provide. The
  bonds of the authority may be sold at public or private sale. The  bonds
  shall  be  sold for a price not less than ninety-eight per centum of the
  par value thereof, plus  accrued  interest,  provided  always  that  the
  interest cost on such bonds shall not exceed seven per centum per annum.
    c. 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
    (1)  pledging all or any part of the revenues of the project to secure
  the payment of the bonds, subject to such agreements with bondholders as
  may then exist;
    (2) 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;
    (3) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (4) limitations on the right of the authority to restrict and regulate
  the use of the project;
    (5)  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;
    (6) 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;
    (7) 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;
    (8) limitations on the amount of moneys derived from the project to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (9) 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 of the rights, powers and duties of the  trustee  appointed  by  the
  bondholders  pursuant  to  section  seventeen  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 such trustee;
    (10) any other matters, of like or different character, which  in  any
  way affect the security or protection of the bonds.
    d.  It  is  the  intention hereof that any pledge of revenues or other
  moneys made by the authority shall be valid and binding  from  the  time
  when  the  pledge  is made; that the revenues or other moneys 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.
    e. Neither the members of the authority nor any person  executing  the
  bonds  shall  be  liable  personally  on  the bonds or be subject to any
  personal  liabilities  or  accountability  by  reason  of  the  issuance
  thereof.
    f.  The authority shall have power out of any funds available therefor
  to purchase bonds. The authority shall cancel such bonds.