§ 206 — Bonds of the authority

New York § 206

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Bethpage Park Authority
• Art. 2: Park, Parkway and Highway Authorities

Text

* § 206. Bonds of the authority. 1. The authority shall have power and\nis hereby authorized from time to time to issue its negotiable bonds in\nconformity with applicable provisions of the uniform commercial code in\nthe aggregate principal amount of not exceeding one million five hundred\nthousand dollars for any corporate purpose. The authority shall have\npower from time to time to refund any bonds by the issuance of new\nbonds, whether the bonds to be refunded have or have not matured, and\nmay issue bonds partly to refund bonds then outstanding and partly for\nany other corporate purpose. In computing the total amount of bonds of\nthe authority which may at any time be outstanding the amount of the\noutstanding bonds to be refunded from the proceeds of the sale of new\nbonds or by exchange for new bonds shall be excluded.\n 2. Such bonds shall be authorized by resolution of the board and shall\nbe issued in one or more series, shall bear such date or dates, mature\nat such time or times, not exceeding forty years from their respective\ndates, bear interest at such rate or rates, not exceeding five per\ncentum per annum payable semi-annually, be in such denominations, be in\nsuch form, either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in such medium of\npayment, at such place or places, be subject to such terms of\nredemption, and be declared or become due before the maturity date\nthereof, as such resolution or resolutions may provide. Such bonds may\nbe issued for money or property (at public or private sale for such\nprice or prices) as the authority shall determine, provided that the\ninterest cost to maturity of the money or property (at its value as\ndetermined by the board, the determination of which shall be conclusive)\nreceived for any issue of such bonds, shall not exceed five per centum\nper annum. Refunding bonds exchanged for outstanding bonds may be\nexchanged on such terms and with such cash adjustments as the authority\nshall determine.\n 3. In connection with the issuance of bonds or in order to secure the\npayment of its bonds the authority shall have power\n (a) To mortgage all or any part of its property, real or personal,\nthen owned or thereafter acquired;\n (b) To pledge all or any part of its revenues;\n (c) To covenant against mortgaging all or any part of its property,\nreal or personal, then owned or thereafter acquired or against\npermitting or suffering any lien thereon;\n (d) To covenant against pledging all or any part of its revenues to\nwhich its right then exists or the right to which may thereafter come\ninto existence;\n (e) To provide for the release of property or revenues from any pledge\nor mortgage, and to reserve rights and powers in, or the right to\ndispose of, property which is subject to a pledge or mortgage;\n (f) To covenant as to the bonds to be issued pursuant to any mortgage,\ndeed of trust or other instrument and as to the issuance of such bonds\nin escrow or otherwise, and as to the use and disposition of the\nproceeds thereof;\n (g) To covenant as to what other, or additional debt may be incurred\nby it;\n (h) To provide for the terms, form, registration, exchange, execution\nand authentication of bonds;\n (i) To provide for the replacement of lost, destroyed or mutilated\nbonds;\n (j) To covenant that the authority warrants the title to the premises;\n (k) To covenant as to the fees and rentals to be charged, the amount\n(calculated as may be determined) to be raised each year or other period\nof time by fees, rentals, and other revenues and as to the use and\ndisposition to be made thereof;\n (l) To covenant as to the use of any or all of its property, real or\npersonal;\n (m) To covenant to set aside or pay over reserves and sinking funds\nand as to the disposition thereof;\n (n) To redeem the bonds, and to covenant for their redemption, and to\nprovide the terms and conditions thereof;\n (o) To covenant against extending the time for the payment of bond\ninterest, directly or indirectly, by any means or in any manner;\n (p) To covenant to maintain offices and agencies for any purpose\nconnected with its bonds;\n (q) To covenant as to the maintenance of its property, the replacement\nthereof, the insurance to be carried thereon and the use and disposition\nof insurance moneys;\n (r) To covenant as to its books of account and as to the inspection\nand audit thereof and as to the accounting methods;\n (s) To covenant and prescribe as to the events of default and terms\nand conditions upon which any or all of its bonds shall become or may be\ndeclared due before maturity and as to the terms and conditions upon\nwhich such declaration and its consequences may be waived;\n (t) To covenant as to the rights, liabilities, powers and duties\narising upon the breach by it of any covenant, condition, or obligation;\n (u) To vest in a trustee or trustees the right to enforce any covenant\nmade to secure, to pay or in relation to the bonds, or to foreclose any\nmortgage, to provide for the powers and duties of such trustee or\ntrustees, to limit liabilities thereof and to provide the terms and\nconditions upon which the trustee or trustees or the holders of bonds or\nany proportion of them may enforce any such covenant or exercise the\nright of foreclosure;\n (v) To make covenants in addition to the covenants herein expressly\nauthorized, of like or different character;\n (w) To execute all mortgages, bills of sale, conveyances, deeds of\ntrust and other instruments necessary or convenient in the exercise of\nthe powers herein granted or in the performance of its covenants or\nduties;\n (x) To make such covenants and to do any and all such acts and things\nas may be necessary or convenient or desirable in order to secure its\nbonds, or in the absolute discretion of the board tend to make the bonds\nmore marketable, notwithstanding that such covenants, acts or things may\nnot be enumerated herein and notwithstanding that such covenants, acts\nor things may restrict or interfere with the carrying out of its\ncorporate purpose; it being the intention hereof to give the authority\npower to do all things in the issuance of bonds, and for their security\nthat a business corporation can do under the general laws of the state\nand no consent or approval of any judge or court shall be required\ntherefor.\n * NB (Abolished in 1975)\n