2022 New York Laws
ACA - Arts and Cultural Affairs
Title V - American Museum of Natural History Planetarium Authority
Article 59 - American Museum of Natural History Planetarium Authority
59.13 - Bonds of the Planetarium Authority.

§ 59.13.   Bonds  of  the  Planetarium  Authority.  1.  Subject to the
consent of the American  Museum  of  Natural  History,  the  Planetarium
Authority shall have power and is hereby authorized from time to time to
issue  its  negotiable bonds in conformity with applicable provisions of
the uniform commercial code in the aggregate  principal  amount  of  not
exceeding  one  million  dollars.  The  Planetarium 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. In computing the total amount of bonds of
the Planetarium 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.
  2. Such bonds shall be authorized by resolution of the board and shall
bear such date or dates, mature at such  time  or  times  not  exceeding
twenty-five  years  from  their  respective dates, bear interest at such
rate  or  rates  as  approved  by   the   state   comptroller,   payable
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 such medium of payment at such place or places,
and be subject to such terms of redemption not exceeding par and accrued
interest as such resolution or resolutions may provide. Such  bonds  may
be  sold  at  public  or  private  sale  for such price or prices as the
authority shall determine.
  3. Such bonds  may  be  issued  for  any  corporate  purposes  of  the
Planetarium Authority.
  4.  Any  resolution  or  resolutions authorizing any bonds may contain
provisions which shall be a part of the contract with the holders of the
bonds, as to
  (a) Pledging the revenues of the planetarium to secure the payment  of
the bonds;
  (b)  The  admission  fees  to  be  charged  for  the exhibition of the
planetarium and the amount to be raised in each year by  admission  fees
and the use and disposition of such fees and other revenues;
  (c)  The setting aside of reserves or sinking funds and the regulation
or disposition thereof;
  (d) The use and exhibition of the planetarium;
  (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;
  (f) Limitations on the issuance of additional 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.
  5.  Neither  the  members  of  the board nor any person executing such
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  Planetarium  Authority  shall  have  power  out  of any funds
available therefor to purchase any bonds issued by it at  a  premium  of
not  more  than  four  percentum  and  accrued  interest.  All  bonds so
purchased shall be cancelled.