2012 New York Consolidated Laws
PBA - Public Authorities
Article 4 - MARKET AUTHORITIES
Title 2 - (825 - 841) CENTRAL NEW YORK REGIONAL MARKET AUTHORITY
829 - Bonds of the authority.

 
    §  829.  Bonds of the authority. 1. The authority shall have power and
  is hereby authorized from time to time  to  issue  negotiable  bonds  in
  conformity with applicable provisions of the uniform commercial code.
    2. Such 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  six  per  centum  per  annum payable annually or
  semiannually, be in such denomination or denominations, be in such form,
  either coupon or registered,  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  of  redemption,  with  or
  without  premium,  as  such  resolution or resolutions may provide. Such
  bonds may be sold at public or private sale for such price or prices  as
  the  board  shall determine, provided that the interest cost to maturity
  of the money received for any issue of such bonds shall not  exceed  six
  per centum per annum.
    3.  Such  bonds  may  be  issued  for  any  corporate  purpose  of the
  authority.
    4. Any resolution or resolutions authorizing  any  bonds  may  contain
  provisions which shall be a part of the contract with the holders of the
  bonds as to
    (a)  pledging  all  or  any  part  of the gross or net revenues of the
  authority to secure the payment of the bonds;
    (b) the rentals and license fees to be charged for use of  the  market
  facilities  and  the  amounts  to  be raised in each year by rentals and
  license fees and the use and  disposition  of  such  rentals  and  other
  revenues;
    (c)  the setting aside of reserves or sinking funds and the regulation
  and disposition thereof;
    (d) limitations on the right of the authority and  its  successors  to
  restrict and regulate the use of the market facilities;
    (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;
    (f) limitations on the issuance of other or additional 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 give consent thereto, and the manner in which such consent
  may be given.
    5. Neither the members of the board nor any person executing the bonds
  shall  be  liable  personally on the bonds or be subject to any personal
  liability by reason of the issuance thereof.
    6. The authority shall have power out of any funds available  therefor
  to  purchase  any  bonds  issued  by  it  at  a  price not more than the
  principal amount thereof and accrued interest. All  bonds  so  purchased
  shall be cancelled.
    7.  The authority shall have power, subject to the rights and with the
  consent of the  holders  of  any  outstanding  bonds  issued  under  the
  provisions  of  this title, to issue and sell or exchange its negotiable
  bonds to refund or to refinance all or  any  part  of  such  outstanding
  bonds. All bonds issued by virtue of this section shall be authorized by
  resolution  of  the  board  and  shall  be  issued  upon such terms, not
  inconsistent with the  provisions  of  this  title,  as  the  board  may
  determine.  Such bonds may be authorized in combination with and as part
  of an issue of bonds authorized to refund or to refinance and to be sold
  to provide funds  for  any  purpose  for  which  the  authority  is  now
  authorized to issue bonds.