§ 2059 — Bonds of the authority

* § 2059. Bonds of the authority. a. The authority shall have the\npower and is hereby authorized from time to time to issue its negotiable\nbonds in conformity with applicable provisions of the uniform commercial\ncode for its corporate purposes in the aggregate principal amount of not\nexceeding one million dollars. The authority shall have power from time\nto time and whenever it deems refunding expedient, to refund any bonds\nby the issuance of new bonds, whether the bonds to be refunded have or\nhave not matured, and may issue bonds partly to refund bonds then\noutstanding and partly for any other purpose hereinabove described. In\ncomputing the total amount of bonds of the authority which may at any\ntime be outstanding the amount of the outstanding bonds to be refunded\nfrom the proceeds of the sale of new bonds or by exchange for new bonds\nshall be excluded. Except as may otherwise be expressly provided by the\nauthority, the bonds of every issue shall be general obligations of the\nauthority payable out of any moneys or revenues of the authority,\nsubject only to any agreements with the holders of particular bonds\npledging any particular moneys or revenues.\n b. The bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times, not exceeding\nthirty years from their respective dates, bear interest at such rate or\nrates, not exceeding five per centum per annum payable annually or\nsemi-annually, be in such denominations, be in such form, either coupon\nor registered, carry such registration privileges, be executed in such\nmanner, be payable in lawful money of the United States of America at\nsuch place or places, and be subject to such terms of redemption prior\nto maturity, at par or a price not exceeding one hundred five per centum\nof the face value, as such resolution or resolutions may provide. The\nbonds of the authority may be sold at public or private sale. The bonds\nshall be sold for a price not less than ninety-eight per centum of the\npar value thereof, plus accrued interest, provided always that the\ninterest cost on such bonds shall not exceed five per centum per annum.\n c. 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 (1) pledging all or any part of the revenues of the project to secure\nthe payment of the bonds, subject to such agreements with bondholders as\nmay then exist;\n (2) the rentals, fees and other charges to be charged, and the amounts\nto be raised in each year thereby, and the use and disposition of the\nrevenues;\n (3) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (4) limitations on the right of the authority to restrict and regulate\nthe use of the project;\n (5) limitations on the purpose to which the proceeds of sale of any\nissue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to secure the payment of the bonds or of any\nissue of the bonds;\n (6) limitations on the issuance of additional bonds; the terms upon\nwhich additional bonds may be issued and secured: the refunding of\noutstanding or other bonds;\n (7) 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 (8) limitations on the amount of moneys derived from the project to be\nexpended for operating, administrative or other expenses of the\nauthority;\n (9) vesting in a trustee or trustees such property, rights, powers and\nduties in trust as the authority may determine which may include any or\nall of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section seventeen hereof and limiting or\nabrogating the right of the bondholders to appoint a trustee under said\nsection or limiting the rights, duties and powers of such trustee;\n (10) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\n d. It is the intention hereof that any pledge of revenues or other\nmoneys made by the authority shall be valid and binding from the time\nwhen the pledge is made; that the revenues or other moneys so pledged\nand thereafter received by the authority shall immediately be subject to\nthe lien of such pledge without any physical delivery thereof or further\nact; and that the lien of any such pledge shall be valid and binding as\nagainst all parties having claims of any kind in tort, contract or\notherwise against the authority irrespective of whether such parties\nhave notice thereof. Neither the resolution nor any other instrument by\nwhich a pledge is created need be recorded.\n e. Neither the members of the authority nor any person executing the\nbonds shall be liable personally on the bonds or be subject to any\npersonal liability or accountability by reason of the issuance thereof.\n f. The authority shall have power out of any funds available therefor\nto purchase bonds. The authority shall cancel such bonds.\n * NB Authority dissolved September 1, 1977\n