2012 New York Consolidated Laws
PBA - Public Authorities
Article 7 - PARKING AUTHORITIES
Title 2 - (1425 - 1443) WHITE PLAINS PARKING AUTHORITY
1433 - Bonds of the authority.

 
    §  1433. Bonds of the authority. 1. The authority shall have the power
  and is hereby authorized from  time  to  time  to  issue  its  bonds  in
  conformity  with applicable provisions of the uniform commercial code in
  such principal amounts as may be  determined  by  the  authority  to  be
  necessary  to  pay  all  or part of the cost of any project or any other
  corporate purpose. 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 corporate  purpose.  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. 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.
    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, 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
  private  sale  subject  to the approval of the state comptroller or at a
  public sale for such price or prices as the authority shall determine.
    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 derived by the  authority
  from the ownership or operation of, or otherwise in connection with, any
  project  or  projects or any part or parts thereof to secure the payment
  of the bonds, or of any issue thereof, subject to such  agreements  with
  bondholders as may then exist;
    (b)  the rates, rentals, fees and other charges to be charged, and the
  amounts to be raised in each year thereby, and the use  and  disposition
  of revenues;
    (c)  the  creation and 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 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 of the rights, powers and duties of the  trustee  appointed  by  the
  bondholders  pursuant  to  section one thousand four hundred thirty-nine
  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 security
  instrument by which a pledge is created need be recorded or filed.
    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  one
  thousand  four  hundred  thirty-two,  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 one
  thousand  four  hundred  thirty-nine  upon  a   trustee   appointed   by
  bondholders.