2006 New York Code - Security For Bonds Or Notes; Construction And Acquisition Of Sports Facilities.

 
    * § 2469. Security for bonds or notes; construction and acquisition of
  sports  facilities.  1.  The  principal  of and interest on any bonds or
  notes issued by the authority may be secured by a pledge of any revenues
  and receipts of the authority and may be secured by  a  lease  or  other
  instrument  covering all or any part of a sports facility, including any
  additions, improvements, extensions to or  enlargements  of  any  sports
  facilities thereafter made.
    2.   Bonds   or   notes  issued  for  the  acquisition,  construction,
  reconstruction,  construction  of  additions  to,   rehabilitation,   or
  improvement of a sports facility may also be secured by an assignment of
  any  lease  of such sports facility and by an assignment of the revenues
  and receipts derived by the authority from any such lease.
    3. Each pledge, agreement, mortgage or other instrument made  for  the
  benefit  or security of any of the bonds or notes of the authority shall
  continue effective until the principal of and interest on the  bonds  or
  notes  for the benefit of which the same were made shall have been fully
  paid, or until provisions shall have been made for such payment  in  the
  manner  provided  in  the resolution or resolutions under which the same
  may be authorized.
    4. The authority may provide in any proceedings under which  bonds  or
  notes  may be authorized that any sports facility or part thereof may be
  constructed, reconstructed, rehabilitated or improved by the  authority,
  or  any  participating  municipality,  and  may  also  provide  in  such
  proceedings for the time and manner of and requisites for  disbursements
  to  be  made  for  the  cost  of  such  construction,  and  for all such
  certificates and approvals of  construction  and  disbursements  as  the
  authority shall deem necessary and provide for in such proceedings.
    5.  Any  pledge  of  earnings,  revenues  or  other moneys made by the
  authority shall be valid and binding from the time when  the  pledge  is
  made;  that  the  earnings,  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.
    6.  In  the discretion of the authority, the bonds may be secured by a
  trust indenture by and between the authority and  a  corporate  trustee,
  which  may  be  any  trust  company or bank having the powers of a trust
  company in the state of New York. Such trust indenture may contain  such
  provisions  for  protecting and enforcing the rights and remedies of the
  bondholders as may be reasonable and proper and not in violation of law,
  including covenants  setting  forth  the  duties  of  the  authority  in
  relation  to the acquisition, construction, reconstruction, construction
  of additions to, improvement and maintenance and operation,  repair  and
  insurance  of  the  sports facilities, and the custody, safeguarding and
  application of all moneys. The  authority  may  provide  by  such  trust
  indenture  for the payment of the proceeds of the bonds and the revenues
  of the project to the  trustee  under  such  trust  indenture  or  other
  depository,  and  for  the  method  of  disbursement  thereof, with such
  safeguards and restrictions as it may determine. All  expenses  incurred
  in  carrying  out  such  trust indenture may be treated as a part of the
  cost of maintenance, operation and repairs of the project. If the  bonds
  shall  be  secured  by  a  trust indenture the bondholders shall have no
  authority to appoint a separate trustee to represent them.
    * NB (Disbanded March, 1980)