2012 New York Consolidated Laws
PBA - Public Authorities
Article 5 - PUBLIC UTILITY AUTHORITIES
Title 10-B - (1230-A - 1230-AA) NIAGARA FALLS PUBLIC WATER AUTHORITY
1230-M - Bonds of the authority.

 
    §  1230-m.  Bonds  of  the  authority. 1. The authority shall have the
  power and is hereby authorized from time  to  time  to  issue  bonds  in
  conformance 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 projects, or for  any  other  corporate  purpose,
  including  reasonable  and  incidental expenses in connection therewith.
  The authority 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
  authority  may  be  general  obligation  bonds  secured by the faith and
  credit of the authority or may be special obligations payable solely out
  of particular revenues or other moneys  as  may  be  designated  in  the
  proceedings  of  the authority under which the bonds shall be authorized
  to be issued,  subject  to  any  agreements  entered  into  between  the
  authority and the city, and the authority, the water board and the city,
  and  subject  to  any  agreements  with the holders of outstanding bonds
  pledging any particular property, revenues or moneys.
    2. The authority is authorized to obtain from any department or agency
  of the United States or the state or  any  non-governmental  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 bonds or notes of  the  authority
  as may then exist.
    3.  Bonds  shall  be  authorized by resolution of the authority, be in
  such denominations, bear such date or dates and mature at such  time  or
  times as such resolution may provide, except that bonds and any renewals
  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. Such bonds 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  authority  shall
  determine  provided  that no issue of bonds may be sold by the authority
  at private sale unless  such  sale  and  the  terms  thereof  have  been
  approved  in  writing  by (a) the comptroller, where such sale is not to
  such comptroller, or (b) by the state director of the budget, where such
  sale is to be to the comptroller. The authority may  pay  all  expenses,
  premiums  and commissions which it may deem necessary or advantageous in
  connection with the issuance and sale of bonds or authority obligations.
    4. The authority may also enter into loan agreements, lines of  credit
  and other security agreements and obtain for or on its behalf letters of
  credit, insurance, guarantees or other credit enhancements to the extent
  now  or  hereafter  available, in each case for securing its bonds or to
  provide direct payment of any costs which the authority is authorized to
  pay.
    5. 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 part of the revenues, other monies or property  of
  the  authority  to  secure  the  payment  of  the bonds, or any costs of
  issuance thereof, including, but not limited to, any contracts, earnings
  or proceeds of any grant to the authority received from any  private  or
  public  source  subject  to such agreements with bondholders as may then
  exist;
    (b) the setting aside of reserves and the creation  of  sinking  funds
  and the regulation and disposition thereof;
    (c)  limitations on the purpose to which the proceeds from the sale of
  bonds may be applied;
    (d) limitations on the right of the authority to restrict and regulate
  the use of the project or part thereof in connection  with  which  bonds
  are issued;
    (e)  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;
    (f)  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;
    (g)  the  creation  of special funds into which any revenues or monies
  may be deposited;
    (h) the terms and provisions of any trust, mortgage, deed or indenture
  securing the bonds under which the bond may be issued;
    (i) 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 trustees appointed by the
  bondholders  to  appoint a trustee pursuant to this title or limiting or
  abrogating the rights of  the  bondholders  to  appoint  a  trustee,  or
  limiting the rights, duties and powers of such trustee;
    (j)  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;
    (k) limitations on the power of the authority  to  sell  or  otherwise
  dispose of any project or any part thereof;
    (l)  limitations  on  the  amount  of  revenues and other monies to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (m) the payment of the proceeds of bonds, revenues and other monies to
  a  trustee  or  other  depository,  and  for  the method of disbursement
  thereof with such safeguards  and  restrictions  as  the  authority  may
  determine; and
    (n)  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.
    6.  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  adopt  resolutions  and  enter  into such trust
  indentures, agreements or other instruments as the  authority  may  deem
  necessary,  convenient or desirable concerning the use or disposition of
  its revenues or other monies or property, including  the  mortgaging  of
  any  property  and  the  entrusting,  pledging  or creation of any other
  security interest in any such revenues, monies or property 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 resolutions, trust
  indentures, agreements or other instruments. The  authority  shall  have
  power   to   enter  into  amendments  of  any  such  resolutions,  trust
  indentures,  agreements or other instruments. The provisions of any such
  resolutions, trust indentures, agreements or other  instruments  may  be
  made a part of the contract with the holders of bonds of the authority.
    7.  Any  provision  of  the  uniform  commercial  code to the contrary
  notwithstanding, any pledge of or other security interest  in  revenues,
  monies, accounts, contract rights, general intangibles or other personal
  property  made  or created by the authority or the water board, pursuant
  to this title,  shall  be  valid,  binding  and  perfected  against  all
  persons,  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 or the
  water board, irrespective of whether 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.
    8.  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 all the purposes of the uniform commercial code, subject only to
  the provisions of the bonds for registration.
    9. Neither the members of the authority nor any person  executing  its
  bonds  shall  be  liable  personally  on  its bonds or be subject to any
  personal liability or accountability by reason of the issuance thereof.
    10. Subject to such agreements with bondholders as may then exist, the
  authority shall have power  out  of  any  funds  available  therefor  to
  purchase  bonds of the authority, 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, or (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. Bonds so purchased shall thereupon be
  cancelled.