§ 2049-HH — Bonds of the authority

New York § 2049-HH

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 13-FF: Oneida-herkimer Solid Waste Management Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2049-hh. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds 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 authority shall have power from\ntime to time to refund any bonds by the issuance of new bonds whether\nthe bonds 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. Bonds issued by the authority may be general\nobligations secured by the faith and credit of the authority or may be\nspecial obligations payable solely out of particular revenues or other\nmoneys as may be designated in the proceedings of the authority under\nwhich the bonds shall be authorized to be issued, subject as to priority\nonly to any agreements with the holders of outstanding bonds pledging\nany particular property, revenues or moneys. The authority may also\nenter into loan agreements, lines of credit and other security\nagreements and obtain for or on its behalf letters of credit, insurance,\nguarantee or other credit support to the extent now or hereafter\navailable, in each case for securing its bonds or to provide direct\npayment of any costs which the authority is authorized to pay.\n 2. Bonds shall be authorized by resolution of the authority, be in\nsuch denominations and bear such date or dates and mature at such time\nor times, as such resolution may provide, provided that bonds shall\nmature within thirty years from the date of original issuance of any\nsuch bonds. Obligations with a maturity of five years or less from the\ndate of their original issuance may be denominated as notes. Bonds shall\nbe subject to such terms of redemption, bear interest at such rate or\nrates, which may vary from time to time, be payable at such times, be in\nsuch form, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment at such place or places,\nshall be subject to tender to the authority with or without extinction\nor cancellation and be subject to such terms and conditions as such\nresolution may provide. Bonds may be sold at public or private sale for\nsuch price or prices as the authority shall determine, provided that no\nbonds of the authority shall be sold by the authority at private sale\nunless such sale and the terms thereof have been approved in writing by\nthe state comptroller, which such sale is not to the comptroller, or by\nthe state director of the budget, where such sale is to the comptroller.\nThe authority may pay all expenses, premiums and commissions which it\nmay deem necessary or advantageous in connection with the issuance and\nsale of bonds.\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\nproperty, of the authority to secure the payment of the bonds, including\nbut not limited to any contracts, earnings or proceeds of any grant to\nthe authority received from any private or public source, subject to\nsuch agreements as may then exist;\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\nthe bonds may be applied;\n (d) The rates, rents, fees and other charges to be fixed and collected\nby the authority and the amount to be raised in each year thereby and\nthe use and disposition of revenues;\n (e) Limitations on the right of the authority 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 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 revenues or moneys\nmay be deposited;\n (i) The terms and provisions of any trust, mortgage, deed or indenture\nsecuring the 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 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 two thousand forty-nine-ii 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 omission 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 (l) Limitations on the power of the authority 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\nauthority;\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 authority 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 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 property and the entrusting, pledging or creation of\nany other security interest in any such revenues or other moneys or\nproperty 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 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 authority 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 perfected against the authority\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 the purposes of the uniform commercial code, subject only to the\nprovisions of the bonds for registration.\n 7. Neither the members of the authority 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 authority, subject to such agreements with bondholders as then\nmay exist, shall have power out of any moneys available therefor to\npurchase bonds of the authority which shall thereupon be cancelled, at a\nprice not exceeding (a) if the bonds are then redeemable, the redemption\nprice then applicable, plus accrued interest to the next interest\npayment date, (b) if the bonds are not then redeemable, the redemption\nprice applicable on the first date after such purchase upon which the\nbonds become subject to redemption plus accrued interest to the next\ninterest payment date.\n