2012 New York Consolidated Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 1-A - (1020 - 1020-KK) LONG ISLAND POWER AUTHORITY
1020-H*2 - Bonds and notes of the authority.

 
    * §  1020-h.  Bonds and notes of the authority. 1. The authority 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
  for  any  of  its  corporate  purposes, including incidental expenses in
  connection therewith, and to secure the  payment  of  the  same  by  the
  pledge  of  the  revenues of the authority or by lien on the property of
  the authority. The authority shall have power from time to time 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 of its corporate purposes. Bonds issued  by  the  authority  may  be
  general  obligations secured by the faith and credit of the authority or
  may be special obligations payable out of particular revenues  or  other
  moneys  of  the authority as may be designated in the proceedings of the
  authority under which the  bonds  shall  be  authorized  to  be  issued,
  subject  only  to  any  agreements with the holders of outstanding bonds
  pledging any particular moneys, earnings or revenues.
    2. The authority is authorized to obtain from any department or agency
  of the United States of America or  the  state  or  any  nongovernmental
  insurer or financial institution any insurance, guaranty or other credit
  support  device, to the extent now or hereafter available, as to, or for
  the payment or repayment of interest or principal, or both, or any  part
  thereof,  on  any  bonds  issued  by the authority and to enter into any
  agreement or contract with respect to any such  insurance  or  guaranty,
  except  to the extent that the same would in any way impair or interfere
  with the ability of the authority to perform and fulfill  the  terms  of
  any  agreement  made  with  the  holders  of  outstanding  bonds  of the
  authority.
    3. The bonds shall be authorized by resolution of  the  authority  and
  shall bear such date or dates, mature at such time or times, except that
  bonds  and  any  renewal  thereof shall mature within forty years of the
  date of their original issuance and notes and any renewal thereof  shall
  mature  within  five  years of the date of their original issuance, bear
  interest at such rate or rates per annum payable at such  times,  be  in
  such denominations, 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 or resolutions may provide. Such bonds of the  authority  may
  be  sold  at  public  or  private  sale  for such price or prices as the
  authority shall determine, provided that no issue of bonds may  be  sold
  at  private  sale unless the terms of such sale shall have been approved
  in writing by (i) the comptroller,  where  such  sale  is  not  to  such
  comptroller,  or  (ii) the director of the budget, where such sale is to
  such comptroller. The foregoing provisions shall be applicable to  bonds
  issued  by  the  authority  notwithstanding  the provisions of any other
  general, special or local law to the contrary.
    4. Any resolution or resolutions  of  the  authority  authorizing  any
  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  of  the  authority,
  together with any other moneys, securities, contracts or property of the
  authority  to  secure  the  payment  of the bonds or of any issue of the
  bonds, subject to such agreements with bondholders as may then exist;
    (b) the rates, rentals,  fees  and  other  charges  to  be  fixed  and
  collected and the amounts to be raised in each year thereby, and the use
  and disposition of the earnings and other revenues;
    (c)  the  setting  aside of reserves and the creation of sinking funds
  and the regulation and disposition thereof;

    (d) limitations on the right of the authority to restrict and regulate
  the use of the properties  in  connection  with  which  such  bonds  are
  issued;
    (e)  limitations  in the purposes to which the proceeds of sale of any
  issue of bonds may be applied and pledging such proceeds to  secure  the
  payment of the bonds or any issue of the bonds;
    (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,  including  the  proportion  of
  bondholders  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  other
  moneys of the authority may be deposited;
    (i)  the  terms  and  provisions  of  any  mortgage  or  trust deed or
  indenture securing the bonds or under which 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 one thousand twenty-i of this title,
  and  limiting  or  abrogating  the right 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  omissions  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 its properties or any part thereof;
    (m) limitations on the amount of moneys or revenues 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  depositary,  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 may in
  any way affect the security or protection of the bonds or the rights and
  remedies of bondholders.
    5. 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  of  its  properties and the entrusting, pledging or
  creation of any other security interest in any such revenues, moneys  or
  properties 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.
    6.  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  otherwise  against  the  authority
  irrespective of whether or not such parties have notice thereof. Neither
  the resolution nor any other instrument by which such pledge or security
  interest is created nor any financing statement relating thereto need be
  recorded or filed.
    7.  Whether  or  not  the  bonds of the authority 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 all purposes  of  the  uniform  commercial  code,
  subject only to the provisions of the bonds for registration.
    8.  Neither  the members nor officers of the authority, nor any person
  executing the bonds shall be  liable  personally  on  the  bonds  or  be
  subject  to  any  personal  liability or accountability by reason of the
  issuance thereof.
    9. The authority, subject to such agreements with bondholders as  then
  may  exist,  shall  have  power  out  of any funds available therefor to
  purchase bonds of the authority, which shall thereupon be cancelled.
    10. The authority shall have power and is hereby authorized  to  issue
  negotiable   bond  anticipation  notes  in  conformity  with  applicable
  provisions of the uniform commercial code and may renew  the  same  from
  time  to  time  but  the  maximum  maturity  of any such note, including
  renewals thereof, shall not exceed five years from the date of issue  of
  such  orginal  note.  Such  notes  shall  be paid from any moneys of the
  authority available therefor and  not  otherwise  pledged  or  from  the
  proceeds  of sale of the bonds of the authority in anticipation of which
  they were issued. The notes shall be issued in the same  manner  as  the
  bonds  and  such notes and the resolution or resolutions authorizing the
  same may contain any provisions, conditions  or  limitations  which  the
  bonds  or a bond resolution of the authority may contain. Such notes may
  be sold at public or private sale  for  such  price  or  prices  as  the
  authority  shall  determine, provided that no issue of notes may be sold
  at private sale unless the terms of such sale shall have  been  approved
  in  writing  by  (i)  the  comptroller,  where  such sale is not to such
  comptroller, or (ii) the director of the budget, where such sale  is  to
  such comptroller.
    * NB There are 2 § 1020-h's