§ 2047-H — Bonds of the agency

New York § 2047-H

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 13-D: Dutchess County Resource Recovery Agency
• Art. 8: Miscellaneous Authorities

Text

§ 2047-h. Bonds of the agency. 1. The agency shall have the power and\nis hereby authorized from time to time to issue bonds, in conformity\nwith applicable provisions of the uniform commercial code, in such\nprincipal amounts as it may determine to be necessary to pay the cost of\nany project or for any other corporate purpose, including incidental\nexpenses in connection therewith. The agency shall have power and is\nhereby authorized to enter into such agreements and perform such acts as\nmay be required under any applicable federal legislation to secure a\nfederal guarantee of any bonds. The agency shall have power from time to\ntime to refund any bonds by the issuance of new bonds whether the bonds\nto be refunded have or have not matured, and may issue bonds partly to\nrefund bonds then outstanding and partly for any other corporate\npurpose. Bonds issued by the agency may be general obligations secured\nby the faith and credit of the agency or may be special obligations\npayable solely out of particular revenues or other moneys as may be\ndesignated in the proceedings of the agency under which the bonds shall\nbe authorized to be issued and subject to any agreements with the\nholders of outstanding bonds pledging any particular revenues or moneys.\n 2. Bonds shall be authorized by resolution of the agency, be in such\ndenominations and bear such date or dates and mature at such time or\ntimes, as such resolution may provide, except that notes and any\nrenewals thereof shall mature within five years from the date of the\noriginal issuance and bonds shall mature within thirty years from the\ndate of original issuance of any such bond or note. The bonds and notes\nshall be subject to such terms of redemption, bear interest at such rate\nor rates payable at such times, be in such form, either coupon or\nregistered, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nand be subject to such terms and conditions as such resolution may\nprovide. Bonds may be sold at public or private sale for such price or\nprices as the agency shall determine. Bonds of the agency shall not be\nsold by the agency at private sale unless such sale and the terms\nthereof have been approved in writing by the state comptroller, where\nsuch sale is not to the comptroller, or by the state director of the\nbudget, where such sale is to the comptroller.\n 3. Any resolution or resolutions authorizing bonds or any issue of\nbonds may contain provisions which may 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 revenues, other moneys or property\nof the agency to secure the payment of the bonds, including but not\nlimited to any contracts, earnings or proceeds of any grant to the\nagency received from any private or public source;\n (b) The setting aside of reserves and the creation of sinking funds\nand the regulations and disposition thereof;\n (c) Limitations on the purpose to which the proceeds from the sale of\nbonds may be applied;\n (d) The rates, rents, fees and other charges to be fixed and collected\nby the agency and the amount to be raised in each year thereby and the\nuse and disposition of revenues;\n (e) Limitations on the right of the agency to restrict and regulate\nthe use of the project or part thereof in connection with which bonds\nare issued;\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 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\nholders of which must consent thereto and the manner in which such\nconsent may be given;\n (h) The creation of special funds into which any revenues or moneys\nmay be deposited;\n (i) The terms and provisions of any trust deed or indenture securing\nthe bonds 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 agency may determine which may include any or\nall of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section two thousand forty-six-i of this title\nand limiting or abrogating the rights of the bondholders to appoint a\ntrustee under such section or limiting the rights, duties and powers of\nsuch trustee;\n (k) Defining the acts or omissions to act which may constitute a\ndefault in the obligations and duties of the agency to the bondholders\nand providing for the rights and remedies of the bondholders in the\nevent of such default, including as a matter of right the appointment of\na receiver, provided, however, that such rights and remedies shall not\nbe inconsistent with the general laws of the state and other provisions\nof this title;\n (l) Limitations on the power of the agency to sell or otherwise\ndispose of any project or any part thereof;\n (m) Limitations on the amount of revenues and other moneys to be\nexpended for operating, administrative or other expenses of the agency;\n (n) The payment of the proceeds of bonds, revenues and other moneys to\na trustee or other depository, and for the method of disbursement\nthereof with such safeguards and restrictions as the agency may\ndetermine; and\n (o) Any other matters of like or different character which in any way\naffect the security or protection of the bonds or the rights and\nremedies of bondholders.\n 4. In addition to the powers herein conferred upon the agency to\nsecure its bonds, the agency shall have power in connection with the\nissuance of bonds to enter into such agreements as the agency may deem\nnecessary, consistent or desirable concerning the use or disposition of\nits revenues or other moneys or property, including the mortgaging of\nany property and the entrusting, pledging or creation of any other\nsecurity interest in any such revenues, moneys or property and the doing\nof any act (including refraining from doing any act) which the agency\nwould have the right to do in the absence of such agreements. The agency\nshall have power to enter into amendments of any such agreements within\nthe powers granted to the agency by this title and to perform such\nagreements. The provisions of any such agreements may be made a part of\nthe contract with the holders of bonds of the agency.\n 5. Any provision of the uniform commercial code to the contrary\nnotwithstanding, any pledge of or other security interest in revenues,\nmoneys, accounts, contract rights, general intangibles or other personal\nproperty made or created by the agency shall be valid, binding and\nperfected from the time when such pledge is made or other security\ninterest attaches without any physical delivery of the collateral or\nfurther act, and the lien of any such pledge or other security interest\nshall be valid, binding and perfected against all parties having claims\nof any kind in tort, contract or otherwise against the agency\nirrespective of whether or not such parties have notice thereof. No\ninstrument by which such a pledge or security interest is created nor\nany financing statement need be recorded or filed.\n 6. Whether or not the bonds are of such form and character as to be\nnegotiable instruments under the terms of the uniform commercial code,\nthe bonds are hereby made negotiable instruments within the meaning of\nand for all the purposes of the uniform commercial code, subject only to\nthe provisions of the bonds for registration.\n 7. Neither the members of the agency nor any person executing bonds\nshall be liable personally thereon or be subject to any personal\nliability or accountability by reason of the issuance thereof.\n 8. The agency, subject to such agreements with bondholders as then may\nexist, shall have power out of any moneys available therefor to purchase\nbonds of the agency, which shall thereupon be cancelled, at a price not\nexceeding (i) if the bonds are then redeemable, the redemption price\nthen applicable, plus accrued interest to the next interest payment\ndate, (ii) if the bonds are not then redeemable, the redemption price\napplicable on the first date after such purchase upon which the bonds\nbecome subject to redemption plus accrued interest to the next interest\npayment date.\n