2012 New York Consolidated Laws
PBA - Public Authorities
Article 7 - PARKING AUTHORITIES
Title 18 - (1600 - 1600-S) VILLAGE OF SUFFERN PARKING AUTHORITY
1600-H - Bonds of the authority.

 
    * §  1600-h.  Bonds  of the authority. 1. The authority shall have the
  power and is hereby authorized from time to time to issue its negotiable
  bonds for any purpose mentioned in  section  sixteen  hundred-c  hereof,
  including  the  acquisition,  construction, reconstruction and repair of
  personal and real property of all  kinds  deemed  by  the  board  to  be
  necessary or desirable to carry out such purpose, as well as to pay such
  expenses  as  may  be  deemed by the board necessary or desirable to the
  financing thereof and placing the project or projects  in  operation  in
  the  aggregate principal amount of not exceeding fifteen million dollars
  outstanding at any one time. 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. The refunding
  bonds may be exchanged for the bonds to  be  refunded,  with  such  cash
  adjustments as may be agreed, or may be sold and the proceeds applied to
  the  purchase  or  payment of the bonds to be refunded. 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. Notwithstanding the fact
  that the bonds may be payable from a special fund, if they are otherwise
  of such form and character as to be negotiable instruments under article
  eight of the uniform commercial code the bonds shall be and  are  hereby
  made  negotiable  instruments  within  the  meaning  of  and for all the
  purposes of article eight of the uniform commercial code,  subject  only
  to the provisions of the bonds for registration.
    2.  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 six and  one-half  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, as such resolution or resolutions may provide. The bonds may
  be sold at public or private sale  for  such  price  or  prices  as  the
  authority shall determine, but which shall not at the time of sale yield
  more than six one-half per centum per annum.
    3. 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:
    (a)  pledging all or any part of the revenues of a project or projects
  to secure the payment of the bonds,  subject  to  such  agreements  with
  bondholders as may then exist;
    (b) 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;
    (c) the setting aside of reserves or sinking funds, and the regulation
  and disposition thereof;
    (d) limitations on the right of the authority to restrict and regulate
  the use of a project;
    (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 and

  pledging such proceeds to secure the payment of  the  bonds  or  of  any
  issue of the bonds;
    (f)  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;
    (g)  the  procedure,  if  any, by which the terms of any contract with
  bondholders may be amended or abrogated, the amount  of  the  bonds  the
  holders  of  which  must  consent  thereto, and the manner in which such
  consent may be given;
    (h) limitations on the amount of moneys derived from a project  to  be
  expended   for  operating,  administrative  or  other  expenses  of  the
  authority;
    (i) 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  the  rights,  powers  and  duties  of the trustees appointed by the
  bondholders pursuant to section sixteen hundred-o 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;
    (j) any other matters, of like or different character,  which  in  any
  way affect the security or protection of the bonds.
    4.  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.
    5. 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 liability or accountability by reason of the issuance thereof.
    6. The authority shall have power out of any funds available  therefor
  to  purchase bonds. The authority may hold, cancel or resell such bonds,
  subject to and in accordance with agreements with bondholders.
    7. 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  construction,  maintenance,  operation,  repair   and
  insurance  of  the project or projects and the custody, safeguarding and
  application of all moneys, and may provide that the project or  projects
  shall  be constructed and paid for under the supervision and approval of
  consulting engineers. Notwithstanding the provisions of section  sixteen
  hundred-g  of  this  title  the  authority  may  provide  by  such trust
  indenture for the payment of the proceeds of the bonds and the  revenues
  of  the project or projects 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 or projects.
  If the bonds shall be secured by  a  trust  indenture,  the  bondholders
  shall have no authority to appoint a separate trustee to represent them,
  and the trustee under such trust indenture shall have and possess all of

  the  powers  which  are  conferred  by  section sixteen hundred-o upon a
  trustee appointed by bondholders.
    * NB Ceases to exist December 31, 2009
    * NB There are 2 § 1600-h's