§ 2467 — Bond and note authorization

New York § 2467

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 19: New York State Sports Authority
• Art. 8: Miscellaneous Authorities

Text

* § 2467. Bond and note authorization. 1. The authority shall have the\npower and is hereby authorized to issue from time to time its negotiable\nbonds and notes in conformity with applicable provisions of the uniform\ncommercial code in such principal amounts as the authority shall\ndetermine to be necessary to provide sufficient funds for achieving any\nof its corporate purposes, including the payment of all or any part of\nthe cost of acquiring, constructing, reconstructing, constructing\nadditions to, improving, maintaining and operating sport facilities,\nincluding but not limited to buildings, structures, parking and other\nfacilities ancillary or appurtenant to such sports facilities, the\npayment of interest on bonds and notes of the authority, the\nestablishment of reserves to secure such bonds and notes of the\nauthority and the payment of all other expenditures, including operating\nexpenses, of the authority incident to or necessary or convenient to\ncarry out its corporate purposes and powers.\n 2. The authority shall have the power to issue from time to time (i)\nnotes to renew notes and (ii) bonds to pay notes, including the interest\nthereon and redemption premium, if any, and, whenever it deems refunding\nexpedient, to refund any bonds of the authority then outstanding,\nwhether the bonds to be refunded have or have not matured, including the\npayment of any redemption premium thereon and any interest accrued or to\naccrue to the earliest or subsequent date of redemption, purchase or\nmaturity of such bonds, by the issuance of new bonds, and, if deemed\nadvisable by the authority, to issue bonds partly to refund bonds then\noutstanding and partly for any of its corporate purposes. The refunding\nbonds may be exchanged for the bonds to be refunded or sold and the\nproceeds applied to the purchase, redemption or payment of such bonds.\nPending such purchase, redemption or payment, such proceeds may be\ninvested and reinvested in obligations of or guaranteed by the United\nStates of America, or in obligations of agencies of the United States of\nAmerica, secured in such manner as the authority shall determine,\nmaturing at such time or times as shall be appropriate to assure the\nprompt payment, as to principal, interest and redemption premium, if\nany, on the outstanding bonds to be refunded. The interest and earned\nincrement, if any, resulting from any such investment, may also be\napplied to the purchase, redemption or payment of the outstanding bonds\nto be so refunded and any balance remaining upon completion of the\npurchase, redemption or payment of all such outstanding bonds shall be\nreturned to the authority for use by it in any lawful manner.\n 3. No bonds or notes of the authority shall be issued if upon such\nissuance the aggregate principal amount of bonds and notes of the\nauthority then outstanding exceeds three hundred fifty million dollars,\nprovided that such statutory maximum principal amount shall not be\nconstrued as constituting a contract between the authority and the\nholders of its bonds or notes that additional bonds or notes may not be\nissued subsequently by the authority in the event that such statutory\nmaximum shall be increased subsequently by law and provided further\nthat, in determining such aggregate principal amount there shall be\ndeducted (i) all sums then available for the payment of such bonds or\nnotes either at maturity or through the operation of a sinking fund;\n(ii) the aggregate principal amount of outstanding bonds issued (a) to\nrefund notes and (b) to refund bonds theretofore issued and then\noutstanding; and (iii) the aggregate principal amount of outstanding\nnotes issued to renew notes theretofore issued and then outstanding.\n 4. The issuance of bonds and notes by the authority shall be\nauthorized by resolution or resolutions of the authority without further\nauthorization or approval, which resolution or resolutions shall be a\npart of the contract with the holders of the bonds or notes thereby\nauthorized and may contain provisions as to:\n (a) pledging all or any part of the moneys, earnings, income and\nrevenues derived from the project to secure the payment of the bonds or\nof any issue of the bonds, subject to such agreements with bondholders\nas may then exist;\n (b) the payments, fees or other charges to be fixed, established and\ncollected and the amounts to be raised in each year thereby, and the use\nand disposition of the moneys, earnings, income and other revenues;\n (c) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of a sports facility or sports facilities;\n (e) limitations on the purposes to which and the manner in which the\nproceeds of sale of any bonds or any issue of bonds may be applied;\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 bonds 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 earnings or revenues\nof the authority may be deposited;\n (i) the terms and provisions of any mortgage or trust deed or\nindenture securing the bonds or 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 any\nor all of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section twenty-four hundred seventy-five of this\ntitle, and limiting or abrogating the right of the bondholders to\nappoint a trustee under such section or limiting the rights, powers and\nduties of such trustee;\n (k) defining the acts or omissions to act which shall constitute a\ndefault in the obligations and duties of the authority to the\nbondholders and providing the rights and remedies of the bondholders in\nthe 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 this state\nand other provisions of this title;\n (l) limitations on the power of the authority to sell or otherwise\ndispose of its properties;\n (m) limitations on the amount of moneys derived from a sports facility\nor sports facilities to be expended for operating, administrative and\nother expenses of the authority;\n (n) the protection and enforcement of the rights and remedies of the\nbondholders;\n (o) the obligations of the authority in relation to the construction,\nmaintenance, operation, repairs and insurance of a sports facility or\nsports facilities and the safeguarding and application of all moneys;\n (p) the payment of the proceeds of bonds and revenues of a sports\nfacility or sports facilities to a trustee or other depositary, and for\nthe method of disbursement thereof and such safeguards and restrictions\nas the authority may determine;\n (q) any other matters, of like or different character which may in any\nway affect the security or protection of the bonds.\n * NB (Disbanded March, 1980)\n