§ 2053-J — Bonds of the authority

New York § 2053-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 13-M: Rockland County Solid Waste Management Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2053-j. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds or notes\nin such principal amounts as it may determine to be necessary to pay the\ncost of any project or for any other corporate purpose, including\nincidental expenses in connection therewith. The authority shall have\npower and is hereby authorized to enter into such agreements and perform\nsuch acts as may be required under any applicable federal legislation to\nsecure a federal guarantee of any bonds. The authority shall have power\nfrom time to time to refund any bonds by the issuance of new bonds\nwhether the bonds to be refunded have or have not matured, and may issue\nbonds partly 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 and subject to any\nagreements with the holders of outstanding bonds pledging any particular\nrevenues or moneys. The authority may also enter into loan agreements,\nlines of credit and other security agreements and obtain for or on its\nbehalf letters of credit in each case for securing its bonds or to\nprovide direct payment of any costs which the authority is authorized to\npay.\n 2. Bonds shall be authorized by resolution of the authority, be in\nsuch denominations, bear such date or dates and mature at such time or\ntimes as such resolution shall provide, except that notes and any\nrenewals thereof shall mature within five years from the date of the\noriginal issuance and bonds and any renewals thereof shall mature within\nthirty years from the date of the original issuance of any such bonds or\nnotes. The bonds and notes shall be subject to such terms of redemption,\nbear interest at such rate or rates payable at such times, 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 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. Bonds of the\nauthority shall not be sold by the authority at private sale unless such\nsale and the terms thereof have been approved in writing by the state\ncomptroller where such sale is not to be to such comptroller, or by the\nstate director of the budget where such sale is to said comptroller. The\nauthority 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 property\nof the authority to secure the payment of the bonds, including but not\nlimited to, any assets, contracts, investment securities, earnings or\nproceeds of any grant to the authority received from any private or\npublic source, subject to such agreements with bondholders as may then\nexist;\n (b) the setting aside of reserves and the creation of sinking funds\nand the regulation 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 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, 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 authority may determine, which may include\nany or all of the rights, powers and duties of the trustees appointed by\nthe bondholders pursuant to section two thousand fifty-three-i of this\ntitle and limiting or abrogating the rights of the bondholders to\nappoint a trustee under such section or limiting the rights, duties and\npowers of the trustee;\n (k) 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 (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 thereof\nwith such safeguards and restrictions as the authority may determine;\nand\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, consistent or desirable concerning the use of\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, moneys or property and\nthe doing of any act (including refraining from doing any act) which the\nauthority would have the right to do in the absence of such agreements.\nThe authority shall have power to enter into amendments of any such\nagreements within the powers granted to the authority by this title and\nto perform such agreements. The provisions of any such agreements may be\nmade a part of the contract with the holders of bonds of 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 otherwise against the authority\nirrespective of whether or not such parties have notice thereof. No\ninstrument by which such a pledge or security is created nor any\nfinancing 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 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\na price not exceeding (a) if the bonds are then redeemable, the\nredemption price then applicable, plus accrued interest to the next\ninterest payment date or (b) if the bonds are not then redeemable, the\nredemption price applicable on the first date after such purchase upon\nwhich the bonds become subject to redemption plus accrued interest to\nthe next interest payment date.\n