§ 59.13 — Bonds of the Planetarium Authority

New York § 59.13

• Jurisdiction: New York
• Law ACA: Arts and Cultural Affairs
• Title V: American Museum of Natural History Planetarium Authority

Text

§ 59.13. Bonds of the Planetarium Authority. 1. Subject to the\nconsent of the American Museum of Natural History, the Planetarium\nAuthority shall have power and is hereby authorized from time to time to\nissue its negotiable bonds in conformity with applicable provisions of\nthe uniform commercial code in the aggregate principal amount of not\nexceeding one million dollars. The Planetarium Authority shall have\npower from time to time to refund any bonds by the issuance of new\nbonds, whether the bonds to be refunded have or have not matured, and\nmay issue bonds partly to refund bonds then outstanding and partly for\nany other corporate purpose. In computing the total amount of bonds of\nthe Planetarium Authority which may at any time be outstanding the\namount of the outstanding bonds to be refunded from the proceeds of the\nsale of new bonds or by exchange for new bonds shall be excluded.\n 2. Such bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times not exceeding\ntwenty-five years from their respective dates, bear interest at such\nrate or rates as approved by the state comptroller, payable\nsemi-annually, be in such denominations, be in such form, either coupon\nor registered, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nand be subject to such terms of redemption not exceeding par and accrued\ninterest as such resolution or resolutions may provide. Such bonds may\nbe sold at public or private sale for such price or prices as the\nauthority shall determine.\n 3. Such bonds may be issued for any corporate purposes of the\nPlanetarium Authority.\n 4. Any resolution or resolutions authorizing any bonds may contain\nprovisions which shall be a part of the contract with the holders of the\nbonds, as to\n (a) Pledging the revenues of the planetarium to secure the payment of\nthe bonds;\n (b) The admission fees to be charged for the exhibition of the\nplanetarium and the amount to be raised in each year by admission fees\nand the use and disposition of such fees and other revenues;\n (c) The setting aside of reserves or sinking funds and the regulation\nor disposition thereof;\n (d) The use and exhibition of the planetarium;\n (e) Limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied;\n (f) Limitations on the issuance of additional bonds;\n (g) The procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto and the manner in which such consent may\nbe given.\n 5. Neither the members of the board nor any person executing such\nbonds shall be liable personally on the bonds or be subject to any\npersonal liability or accountability by reason of the issuance thereof.\n 6. The Planetarium Authority shall have power out of any funds\navailable therefor to purchase any bonds issued by it at a premium of\nnot more than four percentum and accrued interest. All bonds so\npurchased shall be cancelled.\n