§ 1976 — Bonds of the authority

§ 1976. Bonds of the authority. * 1. The authority shall have power\nand is hereby authorized from time to time to issue its negotiable bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any corporate purpose, including incidental expenses in connection\ntherewith. The authority shall have power from time to time and whenever\nit deems refunding expedient 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 purpose. Except as may be otherwise expressly\nprovided by the authority, every issue of bonds by the authority shall\nbe general obligations payable out of any moneys, earnings, or revenues\nof the authority, subject only to any agreements with the holders of\nparticular bonds, pledging any particular moneys, earnings or revenues.\n * NB There are two sub one's\n * 1. The authority shall have power and is hereby authorized from time\nto time to issue its negotiable bonds for any corporate purpose,\nincluding incidental expenses in connection therewith. The authority\nshall have power from time to time and whenever it deems refunding\nexpedient, to refund any bonds by the issuance of new bonds, whether the\nbonds to be refunded have or have not matured, and may issue bonds\npartly to refund bonds then outstanding and partly for any other\ncorporate purpose. Except as may be otherwise expressly provided by the\nauthority, every issue of bonds by the authority shall be general\nobligations payable out of any moneys, earnings, or revenues of the\nauthority, subject only to any agreements with the holders of particular\nbonds, pledging any particular moneys, earnings or revenues. Whether or\nnot the bonds are of such form and character as to be negotiable\ninstruments under article eight of the uniform commercial code, the\nbonds shall be and are hereby made negotiable instruments within the\nmeaning of and for all the purposes of article eight of the uniform\ncommercial code, subject only to the provisions of the bonds for\nregistration.\n * NB There are two sub one's\n 2. The bonds shall be authorized by resolution of the authority and\nshall bear such date or dates, mature at such time or times, bear\ninterest at such rate or rates, be in such denominations, be in such\nform, either coupon or registered, carry such registration privileges,\nbe executed in such manner, be payable in such medium of payment at such\nplace or places, and be subject to such terms of redemption prior to\nmaturity as such resolution or resolutions may provide.\n 3. All bonds of the authority shall be sold at public or private sale\nas may be determined by the authority.\n 4. 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\n (a) pledging all or any part of the moneys, earnings, income and\nrevenues derived from the project to secure the payment of the bonds or\nof any issue of the bonds, subject to such agreements with bondholders\nas may then exist;\n (b) the rates, rentals, fees and other charges to be fixed,\nestablished and collected and the amounts to be raised in each year\nthereby, and the use and disposition of the earnings and 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 the project;\n (e) limitations on the purposes to which and the manner in which the\nproceeds of sale of any bonds or any issue of bonds may be applied;\n (f) limitations on the issuance of additional bonds, the terms upon\nwhich additional bonds may be issued and secured, and the refunding of\noutstanding bonds 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) the creation of special funds into which any earnings or revenues\nof the authority may be deposited;\n (i) the terms and provisions of any mortgage or trust deed or\nindenture securing the bonds or under which the bonds may be issued;\n (j) vesting in a trustee or trustees such properties, rights, powers\nand duties in trust as the authority may determine which may include any\nor all of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section nineteen hundred eighty-three of this\ntitle, and limiting or abrogating the right of the bondholders to\nappoint a trustee under such section or limiting the rights, powers and\nduties of such trustee;\n (k) defining the acts or omissions to act which shall constitute a\ndefault in the obligations and duties of the authority to the\nbondholders and providing the rights and remedies of the bondholders in\nthe 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 this state\nand other provisions of this title;\n (l) limitations on the power of the authority to sell or otherwise\ndispose of its properties;\n (m) limitations on the amount of moneys derived from the project to be\nexpended for operating, administrative and other expenses of the\nauthority;\n (n) the protection and enforcement of the rights and remedies of the\nbondholders;\n (o) the obligations of the authority in relation to the construction,\nmaintenance, operation, repairs and insurance of the project and the\nsafeguarding and application of all moneys;\n (p) the payment of the proceeds of bonds and revenues of the project\nto a trustee or other depositary, and for the method of disbursement\nthereof and such safeguards and restrictions as the authority may\ndetermine;\n (q) any other matters, of like or different character which may in any\nway affect the security or protection of the bonds.\n 5. It is the intention of the legislature that any pledge of earnings,\nrevenues or other moneys made by the authority shall be valid and\nbinding from the time when the pledge is made; that the earnings,\nrevenues or other moneys so pledged and thereafter received by the\nauthority shall immediately be subject to the lien of such pledge\nwithout any physical delivery thereof or further act, and that the lien\nof any such pledge shall be valid and binding as against all parties\nhaving claims of any kind in tort, contract or otherwise against the\nauthority irrespective of whether such parties have notice thereof.\nNeither the resolution nor any other instrument by which a pledge is\ncreated need be recorded.\n 6. Neither the members of the authority nor any person executing the\nbonds or other obligations shall be liable personally on the bonds or\nother obligations or be subject to any personal liability or\naccountability by reason of the issuance thereof.\n 7. The authority shall have power out of any funds available therefor\nto purchase (as distinguished from the power of redemption hereinabove\nprovided) any bonds, and all bonds so purchased shall be cancelled.\n 8. 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, and the custody, safeguarding and application\nof all moneys. The authority may provide by such trust indenture for the\npayment of the proceeds of the bonds and the revenues of the project to\nthe trustee under such trust indenture or other depository, and for the\nmethod of disbursement thereof, with such safeguards and restrictions as\nit may determine. All expenses incurred in carrying out such trust\nindenture may be treated as a part of the cost of maintenance, operation\nand repairs of the project. If the bonds shall be secured by a trust\nindenture the bondholders shall have no authority to appoint a separate\ntrustee to represent them.\n