§ 1599-H*3 — Bonds of the authority

New York § 1599-H*3

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 14**: City of Niagara Falls Parking Authority
• Art. 7: Parking Authorities

Text

* § 1599-h. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue its negotiable\nbonds for any purpose mentioned in section 1599-c hereof, including the\nacquisition, construction, reconstruction and repair of personal and\nreal property of all kinds deemed by the board to be necessary or\ndesirable to carry out such purpose, as well as to pay such expenses as\nmay be deemed by the board necessary or desirable to the financing\nthereof and placing the project or projects in operation in the\naggregate principal amount of not exceeding twenty million dollars\noutstanding at any one time. The authority shall have power from time to\ntime and whenever it deems refunding expedient, to refund any bonds by\nthe issuance of new bonds, whether the bonds to be refunded have or have\nnot matured, and may issue bonds partly to refund bonds then outstanding\nand partly for any other purpose hereinabove described. The refunding\nbonds may be exchanged for the bonds to be refunded, with such cash\nadjustments as may be agreed, or may be sold and the proceeds applied to\nthe purchase or payment of the bonds to be refunded. In computing the\ntotal amount of bonds of the authority which may at any time be\noutstanding the amount of the outstanding bonds to be refunded from the\nproceeds of the sale of new bonds or by exchange for new bonds shall be\nexcluded. Except as may otherwise be expressly provided by the\nauthority, the bonds of every issue shall be general obligations of the\nauthority payable out of any moneys or revenues of the authority,\nsubject only to any agreements with the holders of particular bonds\npledging any particular moneys or revenues. Notwithstanding the fact\nthat the bonds may be payable from a special fund, if they are otherwise\nof such form and character as to be negotiable instruments under article\neight of the uniform commercial code the bonds shall be and are hereby\nmade negotiable instruments within the meaning of and for all the\npurposes of article eight of the uniform commercial code, subject only\nto the provisions of the bonds for registration.\n 2. The 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, not exceeding five per centum per annum payable annually or\nsemi-annually, be in such denominations, be in such form, either coupon\nor registered, carry such registration privileges, be executed in such\nmanner, be payable in lawful money of the United States of America at\nsuch place or places and be subject to such terms of redemption, as such\nresolution or resolutions may provide. The bonds may be sold at public\nor private sale for such price or prices as the authority shall\ndetermine, but which shall not at the time of sale yield more than five\nper centum per annum.\n 3. Any resolution or resolutions authorizing any bonds or any issue of\nbonds may contain provisions, which shall be a part of the contract with\nthe holders of the bonds thereby authorized, as to (a) pledging all or\nany part of the revenues of a project or projects to secure the payment\nof the bonds, subject to such agreements with bondholders as may then\nexist;\n (a) pledging all or any part of the revenues of a project or projects\nto secure the payment of the bonds, subject to such agreements with\nbondholders as may then exist;\n (b) the rentals, fees and other charges to be charged, and the amounts\nto be raised in each year thereby, and the use and disposition of the\nrevenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of a project;\n (e) limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to secure the payment of the bonds or of any\nissue of the bonds;\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 contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereof, and the manner in which such consent may\nbe given;\n (h) limitations on the amount of moneys derived from a project to be\nexpended for operating, administrative or other expenses of the\nauthority;\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 the rights, powers and duties of the trustees appointed by the\nbondholders pursuant to section 1599-o hereof, and limiting or\nabrogating the right of the bondholders to appoint a trustee under said\nsection or limiting the rights, duties and powers of such trustee;\n (j) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\n 4. 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 the revenues or other moneys so pledged\nand thereafter received by the authority shall immediately be subject to\nthe lien 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 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 or accountability by reason of the issuance thereof.\n 6. The authority shall have power out of any funds available therefor\nto purchase bonds. The authority may hold, cancel or resell such bonds,\nsubject to and in accordance with agreements with bondholders.\n 7. In the discretion of the authority, the bonds may be secured by a\ntrust indenture by and between the authority and a corporate trustee,\nwhich may be any trust company or bank having the powers of a trust\ncompany in the state of New York. Such trust indenture may contain such\nprovisions for protecting and enforcing the rights and remedies of the\nbondholders as may be reasonable and proper and not in violation of law,\nincluding covenants setting forth the duties of the authority in\nrelation to the construction, maintenance, operation, repair and\ninsurance of the project or projects and the custody, safeguarding and\napplication of all moneys, and may provide that the project or projects\nshall be constructed and paid for under the supervision and approval of\nconsulting engineers. Notwithstanding the provisions of section 1599-g\nof this title the authority may provide by such trust indenture for the\npayment of the proceeds of the bonds and the revenues of the project or\nprojects to the trustee under such trust indenture or other depository,\nand for the method of disbursement thereof, with such safeguards and\nrestrictions as it may determine. All expenses incurred in carrying out\nsuch trust indenture may be treated as a part of the cost of\nmaintenance, operation, and repairs of the project or projects. If the\nbonds shall be secured by a trust indenture, the bondholders shall have\nno authority to appoint a separate trustee to represent them, and the\ntrustee under such trust indenture shall have and possess all of the\npowers which are conferred by section 1599-o upon a trustee appointed by\nbondholders.\n * NB Authority ceased to exist 07/01/1974\n * NB There are 4 § 1599-h's\n