§ 2316 — Bonds of the authority

New York § 2316

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 15: Auburn Industrial Development Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2316. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue its negotiable bonds\nfor any of its corporate purposes in an aggregate principal amount not\nexceeding five hundred million dollars, including interest during\nconstruction and a reasonable period thereafter and such expenses as may\nbe deemed by the board necessary or desirable to the financing thereof\nand placing the project or projects in operation. The authority shall\nhave power from time to time and whenever it deems refunding expedient,\nto refund any bonds by the issuance of new bonds, whether the bonds to\nbe refunded have or have not matured, and may issue bonds partly to\nrefund bonds then outstanding and partly for any other purpose\nhereinabove described. The refunding bonds may be exchanged for the\nbonds to be refunded, with such cash adjustments as may be agreed, or\nmay be sold and the proceeds applied to the purchase or payment of the\nbonds to be refunded. In computing the total amount of bonds of the\nauthority 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 of new bonds shall be excluded. Except as may\notherwise be expressly provided by the authority, the bonds of every\nissue shall be general obligations of the authority payable out of any\nmoneys or revenues of the authority, subject only to any agreements with\nthe holders of particular bonds pledging any particular moneys or\nrevenues. Whether or not the bonds are of such form and character as to\nbe negotiable instruments under article eight of the uniform commercial\ncode the bonds shall be and are hereby made negotiable instruments\nwithin the meaning of and for all the purposes of the uniform commercial\ncode, subject only to the provisions of the bonds for registration.\n 2. The bonds shall be authorized by resolution of the authority and\nshall bear such date or dates, mature at such time or times not\nexceeding thirty years from their respective dates, bear interest at\nsuch rates, not exceeding fifteen per centum per annum payable annually\nor semi-annually, be in such denominations, be in such form, either\ncoupon or registered, carry such registration privileges, be executed in\nsuch manner, be payable in lawful money of the United States of America\nat such place or places and be subject to such terms of redemption, as\nsuch resolution or resolutions may provide. The bonds may be sold at\npublic or private sale for such price or prices as the authority shall\ndetermine, but which shall not at the time of sale yield more than\nfifteen per centum per annum.\n 3. 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 (a) pledging all or any part of the revenues of a project or projects\nto secure the payment of the bonds, subject to such agreements with\nbondholders or the city as may then exist;\n (b) 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 (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of a project;\n (e) 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 any issue\nof the bonds;\n (f) 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 (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) limitations on the amount of moneys derived from a project to be\nexpended for operating, administrative or other expenses of the\nauthority;\n (i) 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 the rights, powers and duties of the trustees appointed by the\nbondholders pursuant to section twenty-three hundred thirty hereof, and\nlimiting or abrogating the right of the bondholders to appoint a trustee\nunder said section or limiting the rights, duties and powers of trustee;\n (j) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\n