2012 New York Consolidated Laws
PBA - Public Authorities
Article 7 - PARKING AUTHORITIES
Title 4 - (1475-A - 1475-V) SYRACUSE PARKING AUTHORITY
1475-I - Bonds or notes of the authority.

 
    § 1475-i. Bonds or notes of the authority. 1. The authority shall have
  the  power  and  is  hereby authorized from time to time to issue bonds,
  notes or other obligations in conformity with applicable  provisions  of
  the  uniform  commercial  code  to  pay  the  cost  of  any project, the
  establishment of reserves to secure the bonds, the payment of  principal
  of,  premium,  if  any,  and  interest  on  the bonds and the payment of
  incidental expenses in connection  therewith.  The  aggregate  principal
  amount  of such bonds, notes or other obligations shall not exceed fifty
  million dollars, excluding bonds, notes or other obligations  issued  to
  refund  or  repay  bonds, notes or other obligations therefor issued for
  such purposes; provided,  however,  that  upon  any  such  refunding  or
  repayment  the  total  aggregate  principal amount of outstanding bonds,
  notes or other obligations may be greater than  three  million  dollars,
  only if the present value of the aggregate debt service of the refunding
  or repayment of bonds, notes or other obligations to be issued shall not
  exceed  the  present  value  of the aggregate debt service of the bonds,
  notes or other obligations so to be refunded or repaid. For the  purpose
  of  this section, the present value of the aggregate debt service of the
  refunding or  repayment  bonds,  notes  or  other  obligations  and  the
  aggregate debt service of the bonds, notes or other obligations refunded
  or  repaid  shall be calculated by utilizing the effective interest rate
  of the refunding or repayment of  bonds,  notes  or  other  obligations,
  which shall be that rate arrived at by doubling the semi-annual interest
  rate  (compounded  semi-annually) necessary to discount the debt service
  payments on  the  refunding  or  repayment  of  bonds,  notes  or  other
  obligations  from  payment  of dates thereof to the date of issue of the
  refunding or repayment of bonds, notes or other obligations and  to  the
  price  bid  including  estimated accrued interest from the sale thereof.
  The authority shall have the power and is  hereby  authorized  to  enter
  into  such agreements and perform such acts as may be required under any
  applicable federal legislation to secure  a  federal  guarantee  to  any
  bonds.
    2. The authority shall have the power from time to time to renew bonds
  or to issue renewal bonds for such purpose, to issue bonds to pay bonds,
  and,  whenever  it  deems refunding expedient, to refund any bond 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 of the authority. Bonds issued for
  refunding purposes shall  be  sold  and  the  proceeds  applied  to  the
  purchase, redemption or payment of the bonds or notes to be refunded.
    3. Bonds issued by the authority may be general obligations secured by
  the  faith  and  credit  of  the authority or may be special obligations
  payable solely out of particular revenues or  other  monies  as  may  be
  designated  in  the  proceedings  of the authority under which the bonds
  shall be authorized to be issued, subject as to  priority  only  to  any
  agreements with the holders of outstanding bonds pledging any particular
  property,  revenues  or  monies.  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.
    4. (a) Bonds shall be authorized by resolution of the authority, be in
  such  denominations  and bear such date or dates and mature at such time
  or times, as such  resolution  may  provide,  provided  that  bonds  and
  renewals  thereof  shall  mature  within  thirty  years from the date of
  original issuance of any such bonds.

    (b) Bonds shall be subject to such terms of redemption, bear  interest
  at such rate or rates, be payable at such times, 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 and conditions as such resolution
  may provide. Notwithstanding any other provision of law,  the  bonds  of
  the  authority  issued  pursuant  to  this  section shall be sold to the
  bidder offering the lowest true interest cost, taking into consideration
  any premium or discount not less than four nor more than  fifteen  days,
  Sunday excepted, after a notice of such sale has been published at least
  once  in  a  newspaper  of general circulation in the area served by the
  authority, which shall state the terms of the sale.  The  terms  of  the
  sale  may  not  change unless notice of such change is published in such
  newspaper at least one day prior to the date of the sale as set forth in
  the original notice of sale. Advertisements shall contain a provision to
  the effect that the authority, in its discretion, may reject any or  all
  bids  made  pursuant  to  such  advertisements, and in the event of such
  rejection, the authority is authorized to negotiate a private or  public
  sale  or  readvertise for bids in the form and manner above described as
  many times as, in its judgment, may be necessary to effect  satisfactory
  sale.
    (c)   Notwithstanding   the   provisions  of  paragraph  (b)  of  this
  subdivision, whenever in the judgment of the authority the interests  of
  the  authority  will be served thereby, the members of the authority, on
  the written recommendation of the chairperson may authorize the sale  of
  such  bonds at private or public sale on a negotiated basis or on either
  a competitive or negotiated basis. The authority  shall  set  guidelines
  governing  the terms and conditions of any such private or public sales.
  The private or public bond sale guidelines set by  the  authority  shall
  include,  but  not be limited to, a requirement that where the interests
  of the authority will be served by a private or public  sale  of  bonds,
  the authority shall select underwriters taking into account, among other
  things,  qualifications  of underwriters as to experience, their ability
  to structure and sell authority bond issues, anticipated  costs  to  the
  authority,  the prior experience of the authority with the firm, if any,
  the capitalization of such firms, participation  of  qualified  minority
  and  women-owned  business  enterprise  firms  in such private or public
  sales of bonds of the authority and the experience and ability of  firms
  under  consideration  to  work  with  minority  and women-owned business
  enterprises  so  as  to  promote  and  assist  participation   by   such
  enterprises.
    (d) The authority shall have the power from time to time to amend such
  private  bond  sale guidelines in accordance with the provisions of this
  subdivision.
    (e) No private of public bond sale on  a  negotiated  basis  shall  be
  conducted   by  the  authority  without  prior  approval  of  the  state
  comptroller. The authority shall annually prepare  and  approve  a  bond
  sale  report  which  shall  include  the  private  or  public  bond sale
  guidelines  as  specified  in  this  subdivision,  amendments  to   such
  guidelines  since  the  last  private  or  public  bond  sale report, an
  explanation of the bond sale guidelines and amendments, and the  results
  of  any  sale  of bonds conducted during the fiscal year. Such bond sale
  report may be a part of any other annual report that  the  authority  is
  required to make.
    (f)  The  authority  shall annually submit its bond sale report to the
  state comptroller and copies thereof to the senate finance committee and
  the assembly ways and means committee.

    (g) The authority shall make available to the  public  copies  of  its
  bond sale report upon reasonable request thereof.
    (h)  Nothing  contained  in this subdivision shall be deemed to alter,
  affect the validity of, modify the terms of, or impair any  contract  or
  agreement  made  or  entered into in violation of, or without compliance
  with, the provisions of this subdivision.
    5. Any resolution or resolutions authorizing bonds  or  any  issue  of
  bonds by the authority 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, together with any 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) The rates, rents, fees and other charges to be fixed and collected
  by the authority and the amount to be raised in each  year  thereby  and
  the use and disposition of revenues;
    (e) 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;
    (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 monies
  may be deposited;
    (i) The terms and provisions of any trust, mortgage, deed or indenture
  securing the bonds under which the 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 trustees appointed by the
  bondholders  pursuant  to  this title 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 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 any project or any part thereof or other property;
    (m)  Limitations  on  the  amount  of  revenues and other monies to be
  expended  for  operating,  administrative  or  other  expenses  of   the
  authority;
    (n) 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

    (o)  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 the bondholders.
    6.  In  addition  to the powers herein conferred upon the authority to
  secure its bonds, the authority shall have the 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 within the powers granted to
  the authority by this title  and  to  perform  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 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. 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 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 the purposes of the uniform commercial  code,
  subject only to the provisions of the bonds for registration.
    9.  Neither  the  members  nor  the  officers 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, in lieu of redemption, at a  price  not
  exceeding,  if  the bonds are then redeemable, the redemption price then
  applicable plus accrued interest to the next interest payment date,  or,
  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 canceled.
    11.  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 two years from the date of issue of
  such original note.