§ 1363 — Bonds of the authority

New York § 1363

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: Port of Oswego Authority
• Art. 6: Port Authorities

Text

§ 1363. Bonds of the authority. 1. The authority shall have power and\nis hereby authorized from time to time to issue negotiable bonds in\nconformity with applicable provisions of the uniform commercial code for\nany corporate purpose of the authority, including the paying, funding or\nrefunding of any notes theretofore issued by the authority under the\nprovisions of section one thousand eight hundred thirty-nine of this\nact. The authority shall have power from time to time to refund any\nbonds by the issuance of new bonds, whether the bonds to be refunded\nhave or have not matured, and may issue bonds partly to refund bonds\nthen outstanding and partly for any other corporate purpose. Except as\nmay be otherwise expressly provided by contract between the authority\nand the holders of its bonds, all bonds of the authority shall be\ngeneral obligations payable out of any moneys or revenues of the\nauthority, subject only to any agreements with the holders of particular\nbonds the payment of which is secured by a pledge of particular moneys\nor revenues.\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\nthirty years from their respective dates, bear interest at such rate or\nrates, payable annually or semi-annually, be in such denominations, be\nin such form, either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in lawful money of\nthe United States of America at such place or places, and be subject to\nsuch terms of redemption prior to maturity, at par or a price, as such\nresolution or resolutions may provide. Such bonds may be sold, with or\nwithout advertisement, in such manner as the authority shall determine\nby resolution. If advertisement is made, a notice of sale shall be\npublished at least once, not less than ten nor more than forty days\nbefore the date of sale, in a newspaper published and circulated in the\ncity of Oswego and in a financial newspaper published and circulated in\nthe city of New York and designated by the board. The notice shall call\nfor the receipt of sealed bids and shall fix the date, time and place of\nsale. Bonds shall be sold at such price or prices as will yield to the\npurchasers income at a rate set forth in the resolution or resolutions\nto the maturity dates of said bonds, computed in accordance with\nstandard tables of bond values.\n 3. Any resolutions authorizing the issuance of any bonds may contain\nprovisions, which shall be a part of the contract with the holders of\nthe bonds thereby authorized, as to:\n a. Pledging all or any part of the gross or net revenues of the\nauthority to secure the payment of the bonds, subject to such agreements\nwith bondholders as may then exist;\n b. The rentals, fees and other charges to be charged for the use of\nprojects of the authority, and the amounts to be raised in each year\nthereby, and the use and disposition of revenues of the authority;\n c. The setting aside of reserves or sinking funds and the regulation\nand disposition thereof;\n d. The appointment of a bank or banks or trust company or trust\ncompanies as trustee or trustees for the custody and disposition of any\nmoneys of the authority, including the proceeds of any bonds or other\nobligations and any revenues or income of the authority, and the\nexecution of any trust agreements or indentures with such trustee or\ntrustees with such provisions as may be deemed necessary or desirable in\nconnection with the custody and disposition of such moneys of the\nauthority and the rights and remedies of the holders of such bonds;\n e. Limitations on the right of the authority to restrict and regulate\nthe use of projects of the authority;\n f. Limitations on the purpose to which the proceeds of the sale of any\nissue of bonds then or thereafter to be issued may be applied;\n g. Limitations on the issuance of additional bonds, including the\nterms upon which additional bonds may be issued and secured.\n h. 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 give consent thereto, and the manner in which such consent\nmay be given; and\n i. Any other matters, of like or different character, which in any way\naffect the security or protection of the bonds.\n 4. Any pledge of revenues or other moneys made by the authority shall\nbe valid and binding from the time when the pledge is made. The revenues\nor other moneys so pledged and thereafter received by the authority\nshall be immediately subject to the lien of such pledge without any\nphysical delivery thereof or further act. The lien of any such pledge\nshall be valid and binding as against all parties having claims of any\nkind in tort, contract or otherwise against the authority irrespective\nof whether such parties have notice thereof. Neither the resolution nor\nany other instrument by which a pledge is created need be recorded.\n 5. Neither the members of the authority nor any person executing the\nbonds shall be liable personally on the bonds or be subject to any\npersonal liability by reason of the issuance thereof, excepting solely\nfor things willfully done or willfully omitted to be done with an intent\nto defraud.\n 6. The authority shall have power out of any funds available therefor\nto purchase any of its outstanding bonds at a price not more than the\nthen redemption price of such bonds. All bonds so purchased shall be\ncancelled.\n