New York § 1035 Bonds of the authority

New York Statutes

§ 1035 — Bonds of the authority

New York § 1035

Law PBAPublic Authorities

Title 2Albany Light, Heat and Power Authority

Art. 5Public Utility Authorities

This text of New York § 1035 (Bonds of the authority) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Public Authorities § 1035 (2026).

Text

  * § 1035. Bonds of the authority. The bonds, certificates of\nindebtedness and other obligations of the authority, unless disposed of\nto the Reconstruction Finance Corporation, the federal emergency\nadministrator of public works or any other federal agency, shall be sold\nat public sale at not less than par. A resolution or resolutions\nauthorizing any such obligations may contain provisions which shall be\npart of the contract with the holders thereof, which provisions may:\n  (a) pledge the revenues of the authority to secure the payment of such\nbonds and agree to maintain adequate rates for such purposes;\n  (b) give to any such bonds a prior charge upon such revenues;\n  (c) require such revenues to be set aside for sinking funds and\nreserve funds, safeguarding the deposit, use a

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* § 1035. Bonds of the authority. The bonds, certificates of\nindebtedness and other obligations of the authority, unless disposed of\nto the Reconstruction Finance Corporation, the federal emergency\nadministrator of public works or any other federal agency, shall be sold\nat public sale at not less than par. A resolution or resolutions\nauthorizing any such obligations may contain provisions which shall be\npart of the contract with the holders thereof, which provisions may:\n (a) pledge the revenues of the authority to secure the payment of such\nbonds and agree to maintain adequate rates for such purposes;\n (b) give to any such bonds a prior charge upon such revenues;\n (c) require such revenues to be set aside for sinking funds and\nreserve funds, safeguarding the deposit, use and investment thereof;\n (d) limit or restrict the power of the authority under this title\ninsofar as the same may be deemed advisable to secure the payment of\nsuch bonds;\n (e) limit the power of the authority to issue additional obligations\nor restrict such power by relation to the revenues of the authority and\nwith respect to the purposes thereof and the use of the proceeds or\notherwise;\n (f) authorize the appointment of a trustee or receiver as provided in\nsection one thousand forty, limit the rights of bondholders to enforce\ntheir bonds by independent action, and in the event of a receivership\nrequire the return of all properties to the authority when the bonds are\npaid or redeemed and all costs paid;\n (g) contain any other provisions reasonably necessary or deemed\nadvisable to secure and provide for the payment of said bonds and the\nrights and remedies of the holders thereof;\n (h) provide for the form of such bonds, coupon, registered or\nregisterable coupon, and for ascertaining the owners or holders thereof\nfor any purpose under section one thousand forty or;\n (i) provide for the amendment of any such resolution in any respect,\nand the amount of bonds the holders of which must consent thereto or\nwhose objection thereto after published or written notice may prevent\nsuch amendment.\n * NB Terminated July 1, 1963\n