§ 2436-C — Local public safety communications bonds

New York § 2436-C

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 18: State of New York Municipal Bond Bank Agency Act
• Art. 8: Miscellaneous Authorities

Text

§ 2436-c. Local public safety communications bonds. (1) The agency may\npurchase local public safety communications bonds using the proceeds of\npublic safety communication bonds, subject to the provisions of this\nsection and to any other provision of law applicable to the municipality\nand bonds it issues, including any debt limitation applicable to the\nmunicipality that issued the local public safety communications bond, as\nwell as to the other provisions of this title. To the extent that any\nsuch other provision of law conflicts with a provision of this section,\nthe provision of this section shall control, except as otherwise stated.\n (2) Local public safety communications bonds shall be payable from\nfunds provided by a municipality for payment thereof as well as any\nmonies available from special public safety communications agreements.\n (3) The agency's public safety communications bonds secured by\npayments of principal and interest due with respect to local public\nsafety communications bonds shall not be a debt of either the state or\nany municipality, and neither the state nor any municipality shall be\nliable thereon, nor shall they be payable out of any funds other than\nthose of the agency; and such local public safety communications bonds\nshall contain on the face thereof a statement to such effect.\n (4) Subject to the provisions of any contract with holders of bonds,\nnotes or other obligations, proceeds of public safety communications\nbonds to be paid to a municipality to purchase its local public safety\ncommunications bonds shall be paid to the municipality and shall not be\ncommingled with any other money of the agency.\n (5) Nothing contained in this title shall be construed to create a\ndebt of the state within the meaning of any constitutional or statutory\nprovisions.\n (6) (a) A municipality may covenant and agree that the municipality\nwill not limit, alter or impair the rights hereby vested in the agency\nto fulfill the terms of any agreements made with holders of the agency's\npublic safety communications bonds, the proceeds of which were used to\npurchase the municipality's local public safety communications bonds, or\nin any way impair the rights and remedies of such holders or the\nsecurity for such bonds, until such bonds, together with the interest\nthereon and all costs and expenses in connection with any action or\nproceeding by or on behalf of such holders, are fully paid and\ndischarged.\n (b) Any such agreement with a municipality may be pledged by the\nagency to secure its public safety communications bonds used to purchase\nlocal public safety communications bonds issued by that municipality and\nmay not be modified thereafter except as provided by the terms of the\npledge or subsequent agreements with the holders of such public safety\ncommunications bonds.\n