2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 31 - (2750 - 2775) MONROE COUNTY AIRPORT AUTHORITY
2759 - Bonds of the authority.

 
    §  2759. Bonds 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  to  pay  the  cost  of  any project or for any other
  corporate purpose, including 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 two hundred million dollars ($200,000,000), excluding
  bonds, notes or other obligations issued to refund  or  otherwise  repay
  bonds,  notes or other obligations theretofore 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   two   hundred   million   dollars
  ($200,000,000)  only  if the present value of the aggregate debt service
  of the refunding or repayment 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 purposes hereof, the present values of the aggregate debt service of
  the  refunding or repayment bonds, notes or other obligations and of the
  aggregate debt service of the  bonds,  notes  or  other  obligations  so
  refunded  or  repaid,  shall  be  calculated  by utilizing the effective
  interest rate of the  refunding  or  repayment  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 bonds,
  notes or other obligations from the payment dates thereof to the date of
  issue of the refunding or repayment bonds, notes  or  other  obligations
  and  to  the  price bid including estimated accrued interest or proceeds
  received by the authority including estimated accrued interest from  the
  sale thereof. The authority shall have 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
  of any bonds.
    2.  The authority shall have 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 corporate purpose of the  authority.  Bonds  (other
  than  notes  or  other  evidence  of  indebtedness) issued for refunding
  purposes, which have a final maturity date longer than the  maturity  of
  the  bonds  being  refunded,  shall  be  approved by a resolution of the
  county legislature adopted by a majority vote and approved by the county
  executive. 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 moneys 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 moneys. 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. 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  forty  years  from the date of
  original issuance of any such bonds.
    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,  Sundays
  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 in pursuance of 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  a
  satisfactory sale.
    Notwithstanding the provisions of the preceding paragraph, 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  for private or public bond sales
  conducted pursuant to a request for proposal process undertaken at least
  once annually and consideration of proposals from qualified 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.
    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.
    No private or  public  bond  sale  on  a  negotiated  basis  shall  be
  conducted by the authority without prior approval of the 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.
    The  authority  shall  annually  submit  its  bond  sale report to the
  comptroller and copies thereof to the senate finance committee  and  the
  assembly ways and means committee.
    The  authority  shall  make available to the public copies of its bond
  sale report upon reasonable request therefor.
    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 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, other moneys 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, the amount of bonds the holders
  of 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 moneys
  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 and limiting or abrogating the rights
  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 any project or any part thereof;

    (m) limitations on the amount of  revenues  and  other  moneys  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  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 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 moneys or property, including  the  mortgaging  of
  any  property  and  the  entrusting,  pledging  or creation of any other
  security interest in any such revenues, moneys 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,
  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.  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.