§ 1599-I*4 — Bonds of the authority

New York § 1599-I*4

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

Text

* § 1599-i. 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 fifteen hundred ninety-nine-d\nhereof, as well as to pay such expenses, premiums and commissions as may\nbe deemed by the board necessary or desirable to or in connection with\nthe acquisition, construction, reconstruction, improving, equipping and\nfurnishing of any project and the financing thereof, including surveys,\nplanning, provisions for capitalized interest, reserve funds and\nappropriate feasibility studies, and for the placing of the project or\nprojects in operation and to secure the payment of the same by,\nincluding but not limited to, a pledge of the revenues of the authority\nor by a lien on the property of the authority. The authority shall have\npower from time to time and whenever it deems refunding expedient, to\nrefund any bonds by the issuance of new bonds, whether the bonds to be\nrefunded have or have not matured, and may issue bonds partly to refund\nbonds then outstanding and partly for any other purpose hereinabove\ndescribed. The refunding bonds may be exchanged for the bonds to be\nrefunded, with such cash adjustments as may be agreed, or may be sold\nand the proceeds applied to the purchase, payment or redemption of the\nbonds to be refunded. The amount of bonds issued by the authority shall\nnot exceed twenty-five million dollars outstanding at any one time. In\ncomputing the total amount of bonds of the authority which may at any\ntime be outstanding the amount of the outstanding bonds to be refunded\nfrom the proceeds of the sale of new bonds or by exchange for new bonds\nshall be excluded. 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 any 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 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 of 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 board and shall\nbear such date or dates, mature at such time or times, except that bonds\nand any renewal thereof shall mature within thirty years of the date of\ntheir original issuance, bear interest at such rate or rates as such\nresolution or resolutions may provide, be payable at such times, be in\nsuch denominations, be in such form, either coupon or registered, carry\nsuch privileges, be executed in a 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, as such resolution or resolutions may provide.\nThe bonds may be sold at public or private sale for such price or prices\nas the authority shall determine provided, however, that no issue of\nbonds may be sold at private sale unless the terms of such sale shall\nhave been approved in writing by (i) the comptroller, where such sale is\nnot to such comptroller, or (ii) the state director of the budget, where\nsuch sale is to the comptroller. The foregoing provisions shall be\napplicable to bonds issued by the authority notwithstanding the\nprovisions of any other general, special or local law to the contrary.\n 4. Any resolution or resolutions, authorizing any bonds or any issue\nof bonds may contain provisions, which shall be a part of the contract\nwith the holders of the bonds thereby authorized, as to:\n (a) pledging all or any part of the revenues of a project or projects,\ntogether with any other moneys, securities, contracts or property 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, and the amounts\nto be raised in each year thereby, and the use and disposition of the\nearnings and the 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 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 thereto, 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) the creation of special funds into which any revenues or other\nmoneys of the authority may be deposited;\n (j) the terms and provisions of any mortgage or trust deed or\nindenture securing the bonds or under which bonds may be issued;\n (k) 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 fifteen hundred ninety-nine-p hereof,\nand limiting or abrogating the right of the bondholders to appoint a\ntrustee under said section or limiting the rights, duties and powers of\nsuch trustee;\n (l) 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 (m) limitations on the power of the authority to sell or otherwise\ndispose of its properties or any part thereof;\n (n) limitations on the amount of moneys or revenues to be expended for\noperating, administrative or other expenses of the authority;\n (o) 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 (p) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\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. 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 7. 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 8. The authority shall have power out of any funds available therefor\nto purchase bonds upon such terms and conditions as the authority may\ndetermine. The authority may hold, cancel or resell such bonds, subject\nto and in accordance with agreements with bondholders.\n 9. 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 fifteen\nhundred ninety-nine-h of this title the authority may provide by such\ntrust indenture for the payment of the proceeds of the bonds and the\nrevenues of the project or projects to the trustee under such trust\nindenture or other depository, and for the method of disbursement\nthereof, with such safeguards and restrictions as it may determine. All\nexpenses incurred in carrying out such trust indenture may be treated as\na part of the cost of maintenance, operation, and repairs of the project\nor projects. If the bonds shall be secured by a trust indenture, the\nbondholders shall have no authority to appoint a separate trustee to\nrepresent them, and the trustee under such trust indenture shall have\nand possess all of the powers which are conferred by section fifteen\nhundred ninety-nine-p upon a trustee appointed by bondholders.\n * NB Authority ceased to exist 08/05/2002\n * NB There are 4 § 1599-i's\n