§ 1020-H*2 — Bonds and notes of the authority

New York § 1020-H*2

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1-A*: Green Island Power Authority
• Art. 5: Public Utility Authorities

Text

* § 1020-h. Bonds and notes of the authority. 1. The authority shall\nhave the power and is hereby authorized from time to time to issue bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any of its corporate purposes, including incidental expenses in\nconnection therewith, and to secure the payment of the same by the\npledge of the revenues of the authority or by lien on the property of\nthe authority. The authority shall have power from time to time whenever\nit deems refunding expedient, 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 of its corporate purposes. Bonds issued by the authority may be\ngeneral obligations secured by the faith and credit of the authority or\nmay be special obligations payable out of particular revenues or other\nmoneys of the authority as may be designated in the proceedings of the\nauthority under which the bonds shall be authorized to be issued,\nsubject only to any agreements with the holders of outstanding bonds\npledging any particular moneys, earnings or revenues.\n 2. The authority is authorized to obtain from any department or agency\nof the United States of America or the state or any nongovernmental\ninsurer or financial institution any insurance, guaranty or other credit\nsupport device, to the extent now or hereafter available, as to, or for\nthe payment or repayment of interest or principal, or both, or any part\nthereof, on any bonds issued by the authority and to enter into any\nagreement or contract with respect to any such insurance or guaranty,\nexcept to the extent that the same would in any way impair or interfere\nwith the ability of the authority to perform and fulfill the terms of\nany agreement made with the holders of outstanding bonds of the\nauthority.\n 3. The bonds shall be authorized by resolution of the authority and\nshall bear such date or dates, mature at such time or times, except that\nbonds and any renewal thereof shall mature within forty years of the\ndate of their original issuance and notes and any renewal thereof shall\nmature within five years of the date of their original issuance, bear\ninterest at such rate or rates per annum payable at such times, be in\nsuch denominations, be in such form, carry such registration privileges,\nbe executed in such manner, be payable in such medium of payment at such\nplace or places and be subject to such terms and conditions, as such\nresolution or resolutions may provide. Such bonds of the authority may\nbe sold at public or private sale for such price or prices as the\nauthority shall determine, provided that no issue of bonds may be sold\nat private sale unless the terms of such sale shall have been approved\nin writing by (i) the comptroller, where such sale is not to such\ncomptroller, or (ii) the director of the budget, where such sale is to\nsuch comptroller. The foregoing provisions shall be applicable to bonds\nissued by the authority notwithstanding the provisions of any other\ngeneral, special or local law to the contrary.\n 4. Any resolution or resolutions of the authority authorizing any\nbonds or any issue of bonds may contain provisions, which may be a part\nof the contract with the holders of the bonds thereby authorized, as to:\n (a) pledging all or any part of the revenues of the authority,\ntogether with any other moneys, securities, contracts or property of the\nauthority to secure the payment of the bonds or of any issue of the\nbonds, subject to such agreements with bondholders as may then exist;\n (b) the rates, rentals, fees and other charges to be fixed and\ncollected and the amounts to be raised in each year thereby, and the use\nand disposition of the earnings and other revenues;\n (c) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of the properties in connection with which such bonds are\nissued;\n (e) limitations in the purposes to which the proceeds of sale of any\nissue of bonds may be applied and pledging such proceeds to secure the\npayment of the bonds or any issue of the bonds;\n (f) limitations on the issuance of additional bonds, the terms upon\nwhich additional bonds may be issued and secured and the refunding of\noutstanding or other bonds;\n (g) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, including the proportion of\nbondholders which must consent thereto and the manner in which such\nconsent may be given;\n (h) the creation of special funds into which any revenues or other\nmoneys of the authority may be deposited;\n (i) the terms and provisions of any mortgage or trust deed or\nindenture securing the bonds or under which bonds may be issued;\n (j) vesting in a trustee or trustees such properties, rights, powers\nand duties in trust as the authority may determine, which may include\nany or all of the rights, powers and duties of the trustee appointed by\nthe bondholders pursuant to section one thousand twenty-i of this title,\nand limiting or abrogating the right of the bondholders to appoint a\ntrustee under such section or limiting the rights, duties and powers of\nsuch trustee;\n (k) defining the acts or omissions to act which may constitute a\ndefault in the obligations and duties of the authority to the\nbondholders and providing for the rights and remedies of the bondholders\nin the event of such default, including as a matter of right the\nappointment of a receiver, provided, however, that such rights and\nremedies shall not be inconsistent with the general laws of the state\nand other provisions of this title;\n (l) limitations on the power of the authority to sell or otherwise\ndispose of its properties or any part thereof;\n (m) limitations on the amount of moneys or revenues to be expended for\noperating, administrative or other expenses of the authority;\n (n) the payment of the proceeds of bonds, revenues and other moneys to\na trustee or other depositary, and for the method of disbursement\nthereof with such safeguards and restrictions as the authority may\ndetermine; and\n (o) any other matters, of like or different character, which may in\nany way affect the security or protection of the bonds or the rights and\nremedies of bondholders.\n 5. In addition to the powers herein conferred upon the authority to\nsecure its bonds, the authority shall have power in connection with the\nissuance of bonds to enter into such agreements as the authority may\ndeem necessary, convenient or desirable concerning the use or\ndisposition of its revenues or other moneys or property, including the\nmortgaging of any of its properties and the entrusting, pledging or\ncreation of any other security interest in any such revenues, moneys or\nproperties and the doing of any act, including refraining from doing any\nact, which the authority would have the right to do in the absence of\nsuch agreements. The authority shall have power to enter into amendments\nof any such agreements within the powers granted to the authority by\nthis title and to perform such agreements. The provisions of any such\nagreements may be made a part of the contract with the holders of bonds\nof the authority.\n 6. Any provision of the uniform commercial code to the contrary\nnotwithstanding, any pledge of or other security interest in revenues,\nmoneys, accounts, contract rights, general intangibles or other personal\nproperty made or created by the authority shall be valid, binding and\nperfected from the time when such pledge is made or other security\ninterest attaches without any physical delivery of the collateral or\nfurther act, and the lien of any such pledge or other security interest\nshall be valid, binding and perfected against all parties having claims\nof any kind in tort, contract or otherwise against the authority\nirrespective of whether or not such parties have notice thereof. Neither\nthe resolution nor any other instrument by which such pledge or security\ninterest is created nor any financing statement relating thereto need be\nrecorded or filed.\n 7. Whether or not the bonds of the authority are of such form and\ncharacter as to be negotiable instruments under the terms of the uniform\ncommercial code, the bonds are hereby made negotiable instruments within\nthe meaning of and for all purposes of the uniform commercial code,\nsubject only to the provisions of the bonds for registration.\n 8. Neither the members nor officers of the authority, nor any person\nexecuting the bonds shall be liable personally on the bonds or be\nsubject to any personal liability or accountability by reason of the\nissuance thereof.\n 9. The authority, subject to such agreements with bondholders as then\nmay exist, shall have power out of any funds available therefor to\npurchase bonds of the authority, which shall thereupon be cancelled.\n 10. The authority shall have power and is hereby authorized to issue\nnegotiable bond anticipation notes in conformity with applicable\nprovisions of the uniform commercial code and may renew the same from\ntime to time but the maximum maturity of any such note, including\nrenewals thereof, shall not exceed five years from the date of issue of\nsuch orginal note. Such notes shall be paid from any moneys of the\nauthority available therefor and not otherwise pledged or from the\nproceeds of sale of the bonds of the authority in anticipation of which\nthey were issued. The notes shall be issued in the same manner as the\nbonds and such notes and the resolution or resolutions authorizing the\nsame may contain any provisions, conditions or limitations which the\nbonds or a bond resolution of the authority may contain. Such notes may\nbe sold at public or private sale for such price or prices as the\nauthority shall determine, provided that no issue of notes may be sold\nat private sale unless the terms of such sale shall have been approved\nin writing by (i) the comptroller, where such sale is not to such\ncomptroller, or (ii) the director of the budget, where such sale is to\nsuch comptroller.\n * NB There are 2 § 1020-h's\n