§ 157 — Bonds of the authority

* § 157. Bonds of the authority. 1. The authority shall have power and\nis hereby authorized from time to time to issue its negotiable bonds in\nconformity with applicable provisions of the uniform commercial code in\nthe aggregate principal amount of not exceeding ten million, fifty\nthousand dollars outstanding at any one time. The 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 purposes. In computing the total amount of bonds of\nthe authority which may at any time be outstanding the amount of the\noutstanding bonds to be refunded from the proceeds of the sale of new\nbonds or by exchange for new bonds shall be excluded. Except as may\notherwise be expressly provided by the authority, every issue of the\nbonds shall be general obligations payable out of any moneys or revenues\nof the authority, subject only to any agreements with the holders of\nparticular bonds pledging any particular 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\nforty years from their respective dates, bear interest at such rate or\nrates, not exceeding five per centum per annum payable semi-annually, be\nin such denominations, be in such form, either coupon or registered,\ncarry such registration privileges, be executed in such manner, be\npayable in such medium of payment, at such place or places, and be\nsubject to such terms of redemption, as such resolution or resolutions\nmay provide. Such bonds may be sold at public or private sale for such\nprice or prices as the authority shall determine.\n 3. Such bonds may be issued for any corporate purpose of the authority\nincluding payment of the cost of the acquisition of any additional\nlands, easements or rights in land which may hereafter be acquired for\nJones Beach parkway or Captree bridge or Captree parkway or any other\nimprovements that the authority is authorized to construct.\n 4. Any resolution or resolutions authorizing any bonds may contain\nprovisions, which shall be a part of the agreement with the holders of\nthe bonds, as to (a) pledging the revenues of Jones Beach parkway and\nCaptree bridge and Captree parkway and any improvements operated by the\nauthority, or any part of such revenues to secure the payment of the\nbonds or of any issue of the bonds;\n (b) the rates of the tolls and rentals to be charged and of other\ncharges to be made, and the amount to be raised in each year in revenues\nof any kind and the use and disposition of the revenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the commission and of the authority\nand their successors to restrict and regulate the use of Jones Beach\nparkway, Captree bridge, Captree parkway, or any other improvement in\nconnection with which such bonds are issued;\n (e) limitations on the purposes to which the proceeds of the sale of\nany issue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to the payment of the bonds on such terms and\nconditions as the resolution may provide;\n (f) limitations on the issuance of additional bonds; the terms upon\nwhich additional bonds may be issued and secured; the refunding of\noutstanding or other bonds;\n (g) the procedure, if any, by which the terms of any agreement 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 (h) limitations on the amount of revenues derived from Jones Beach\nparkway, Captree bridge, Captree parkway or any improvement operated by\nthe authority to be expended for operating, administrative or other\nexpenses of the authority;\n (i) vesting in a trustee or trustees such property, rights, powers and\nduties in trust as the authority may determine which may include any or\nall of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section one hundred sixty-two hereof, and\nlimiting or abrogating the right of the bondholders to appoint a trustee\nunder section one hundred sixty-two hereof or limiting the rights,\nduties and powers of such trustee;\n (j) any other matters of like or different character which in any way\naffect the security or protection of the bonds.\n 4-a. Any resolution or resolutions authorizing any bonds or any issue\nof bonds maturing in not exceeding ten years from their date (hereafter\nin this subsection four-a referred to as "short term obligations") may\ncontain, in addition to all other provisions authorized by this title,\nprovisions, which shall be a part of the agreement with the holders of\nthe short term obligations thereby authorized, as to (a) refunding the\nshort term obligations by the issuance of bonds of the authority either\nby the sale of bonds and the application of the proceeds to the payment\nof the short term obligations or by the exchange of bonds for the short\nterm obligations; provided, however, that the authority shall make no\ncovenant to refund which shall require it to issue bonds, the aggregate\nprincipal amount of which shall exceed by more than ten per centum the\naggregate principal amount of the short term obligations to be refunded\nthereby;\n (b) satisfying, paying or discharging the short term obligations, at\nthe election of the authority, by the tender or delivery of bonds of the\nauthority in exchange therefor; provided, however, that the aggregate\nprincipal amount of bonds shall not exceed by more than ten per centum\nthe aggregate principal amount of the short term obligations to satisfy,\npay or discharge which the bonds are tendered or delivered;\n (c) exchanging or converting the short term obligations, at the\nelection of the holder thereof, for or into bonds of the authority;\nprovided, however, that the aggregate principal amount of the bonds\nshall not exceed by more than ten per centum the aggregate principal\namount of the short term obligations to be exchanged for or converted\ninto bonds;\n (d) pledging bonds of the authority as collateral to secure payment of\nthe short term obligations and providing for the terms and conditions of\nthe pledge and manner of enforcing the pledge, which terms and\nconditions may provide for the delivery of the bonds in satisfaction of\nthe short term obligations; provided, however, that the aggregate\nprincipal amount of the bonds pledged shall not exceed by more than ten\nper centum the aggregate principal amount of the short term obligations\nto secure which they are pledged;\n (e) depositing bonds in escrow or in trust with a trustee or fiscal\nagent or otherwise providing for the issuance and disposition of the\nbonds as security for carrying out any provisions in any resolution\nadopted pursuant to the foregoing paragraphs (a), (b), (c) and (d)\nhereof and providing for the powers and duties of the trustee or fiscal\nagent or other depositary and the terms and conditions on which the\nbonds are to be issued, held and disposed of;\n (f) any other matters of like or different character which relate to\nany provision or provisions of any resolution adopted pursuant to the\nforegoing paragraphs (a), (b), (c), (d) and (e) hereof.\n In computing the amount of bonds of the authority which may be\noutstanding at any one time, short term obligations shall be excluded to\nthe extent that the resolution authorizing the issuance of such short\nterm obligations shall provide for the issuance of bonds pursuant to\nparagraphs (a), (b), (c) or (d) of this subsection, but the bonds\nprovided to be issued by such resolution shall be included in making\nsuch computation whether or not such bonds are outstanding.\n The authority shall have power to make contracts for the future sale\nfrom time to time of short term obligations, by which the purchasers\nshall be committed to purchase short term obligations from time to time\non the terms and conditions stated in such contracts, and the authority\nshall have power to pay such consideration as it shall deem proper for\nsuch commitments.\n 5. It is the intention hereof that any pledge of revenues or other\nmoneys made by the authority shall be valid and binding from the time\nwhen the pledge is made; that revenues or other moneys so pledged and\nthereafter received by the authority shall immediately be subject to the\nlien of such pledge without any physical delivery thereof or further\nact, and that the lien of any such pledge shall be valid and binding as\nagainst all parties having claims of any kind in tort, contract or\notherwise against the authority, irrespective of whether such parties\nhave notice thereof. Neither the resolution nor any other instrument by\nwhich a pledge is created need be recorded.\n 6. Neither the members of the board nor any person executing the bonds\nshall be liable personally on the bonds or be subject to any personal\nliability or accountability by reason of the issuance thereof.\n 7. For the purpose of refunding or reducing its debt the authority\nshall have power out of any funds available therefor to purchase any\nbonds issued by it at a price not more than one hundred and five per\ncentum of the principal amount thereof and accrued interest. The\nauthority may hold, cancel or resell such bonds, subject to and in\naccordance with agreements with bondholders.\n * NB (Authority abolished June 30, 1978)\n