§ 2050-H — Bonds of the agency

New York § 2050-H

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

Text

§ 2050-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 from time\nto time 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. Bonds issued by the agency may be general obligations\nsecured by the faith and credit of the agency or may be special\nobligations payable solely out of particular revenues or other moneys as\nmay be designated in the proceedings of the agency under which the bonds\nshall be authorized to be issued and subject to any agreements with the\nholders of outstanding bonds pledging any particular revenues or moneys.\nThe agency may also enter into bank loan agreements, lines of credit and\nother security agreements and obtain for or on its behalf letters of\ncredit in each case for securing its bonds or to provide direct payment\nof any costs which the agency is authorized to pay.\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, carry such registration\nprivileges, be executed in such manner, be payable in such medium of\npayment at such place or places, and be subject to such terms and\nconditions as such resolution may provide. Bonds may be sold at public\nor private sale for such price or prices as the agency shall determine.\nBonds of the agency shall not be sold by the agency 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 agency may pay all expenses, premiums and commissions which it may\ndeem necessary or advantageous in connection with the issuance and sale\nof 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 agency to secure the payment of the bonds, including\nbut not limited to any contracts, earnings or proceeds of any grant to\nthe agency 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\nthe bonds 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 fifty-i of this title and\nlimiting 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 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 (1) 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 thereof\nwith such safeguards and restrictions as the agency may determine; 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 and the notes, the agency shall have power in\nconnection with the issuance of bonds and notes to enter into such\nagreements as the agency may deem necessary, convenient or desirable\nconcerning the use or disposition of its moneys or property including\nthe mortgaging of any such property and the entrusting, pledging or\ncreation of any other security interest in any such moneys or property\nand the doing of any act, including refraining from doing any act, which\nthe agency would have the right to do in the absence of such agreements.\nThe agency shall have power to enter into amendments of any such\nagreements within the powers granted to the agency by this title and to\nperform such agreements. The provisions of any such agreements may be\nmade a part of the contract with the holders of bonds and notes of the\nagency.\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 perfected 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 the purposes of the uniform commercial code, subject only to the\nprovisions 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 (a) if the bonds are then redeemable, the redemption price\nthen applicable, plus accrued interest to the next interest payment\ndate, (b) 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