§ 1005-C — Additional powers of the authority to finance certain projects in connection with the New York state canal system

New York § 1005-C

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1: Power Authority of the State of New York
• Art. 5: Public Utility Authorities

Text

§ 1005-c. Additional powers of the authority to finance certain\nprojects in connection with the New York state canal system. 1. (a) The\nauthority is hereby authorized, as an additional corporate purpose\nthereof, to issue its bonds, notes and other evidences of indebtedness\nin conformity with applicable provisions of the uniform commercial code\nfor purposes of financing the construction, reconstruction, development\nand improvement of the New York state canal system.\n (b) The authority shall issue any such bonds, notes, or evidences of\nindebtedness pursuant to paragraph (a) of this subdivision on a basis\nsubordinate in lien and priority of payment to the authority's senior\nlien indebtedness as the authority shall provide by resolution.\n 2. All of the provisions of this title relating to bonds, notes and\nother evidence of indebtedness, which are not inconsistent with this\nsection, shall apply to obligations authorized by this section,\nincluding but not limited to the power to issue renewal notes or\nrefunding bonds thereof.\n 3. Subject to agreements with noteholders or bondholders, the\nauthority shall have the authority to fix and collect such fees, rentals\nand charges for the use of the canal system or any part thereof\nnecessary or convenient, with an adequate margin of safety, to produce\nsufficient revenue to meet the expense of maintenance and operation and\nto fulfill the terms of any agreements made with the holders of its\nnotes or bonds, and to establish the rights and privileges granted upon\npayment thereof; provided, however, that tolls may only be imposed for\nthe passage through locks and lift bridges by vessels which are\npropelled in whole or in part by mechanical power.\n