§ 2468 — Bonds and notes of the authority

New York § 2468

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

Text

* § 2468. Bonds and notes of the authority. 1. All bonds and notes\nissued by the authority may be secured by the full faith and credit of\nthe authority subject only to any agreements with the holders of\nparticular bonds pledging any particular revenues or moneys of the\nauthority, all as may be provided in the proceedings of the authority\npursuant to which the bonds or notes shall be authorized to be issued.\n 2. Bonds and notes issued by the authority shall bear such date or\ndates and shall mature at such time or times as shall be provided by any\nsuch resolution of the authority, except that no note or any renewal\nthereof shall mature more than five years from the date of the original\nnote and no bond shall mature more than forty years from the date of its\nissue.\n 3. Bonds may be issued in one or more series as serial bonds payable\nin annual installments or as term bonds or as a combination thereof.\nBonds and notes shall bear interest at such rate or rates, be in such\ndenominations, be in such form either payable to bearer with coupons or\nregistered, carry such registration privileges, be executed in such\nmanner, be payable in such medium of payment, at such place or places\nwithin or without the state, and be subject to such terms of redemption,\nwith or without premium, as may be provided by any such resolution of\nthe authority. Any signature, manual or facsimile, of an officer of the\nauthority appearing on bonds or notes or coupons shall be valid and\nsufficient for all purposes whether or not such officer shall then be in\noffice. The authority may also provide for the authentication of the\nbonds or notes by a trustee or fiscal agent.\n 4. The resolution authorizing the issuance of any bonds or notes may\nprovide that such bonds and notes may be payable at such place or\nplaces, within or without the state, may bear interest at such rate or\nrates, may be payable at such time or times, may be in such form and\nevidenced in such manner, and may contain such other provisions not\ninconsistent herewith, including provisions as to reserve or sinking\nfunds, security for the payment of bonds or notes, redemption or\nrefunding of bonds or notes, events of default, remedies of bondholders\nor noteholders, appointment of trustees or fiscal agents, custody,\ncollection, securing, investment and payment of any money of the\nauthority and amendment or abrogation of such provisions, all as the\nauthority shall determine.\n 5. Any bonds or notes of the authority may be sold at such price or\nprices, at public or private sale, in such manner and from time to time\nas may be determined by the authority, and the authority may pay all\nexpenses, premiums and commissions which it may deem necessary or\nadvantageous in connection with the issuance and sale thereof. No bonds\nor notes of the authority may be sold at private sale, however, unless\nsuch sale and the terms thereof have been approved in writing by (i) the\ncomptroller of the state of New York where such sale is not to such\ncomptroller, or (ii) the state director of the budget where such sale is\nto such comptroller.\n 6. The authority may issue one or more series of bonds or notes\nwhether in connection with or secured by the same or a different project\nor portion thereof except as may otherwise be provided in the\nproceedings under which such bonds or notes shall be authorized to be\nissued.\n 7. Neither the members, directors, officers or employees of the\nauthority nor any person executing the bonds or notes of the authority\nshall be liable personally on the bonds or notes or be subject to any\npersonal liability or accountability by reason of the issuance thereof.\n 8. Issuance by the authority of one or more series of bonds or notes\nfor one or more purposes shall not preclude it from issuing other bonds\nor notes in connection with the same sports facility or any other sports\nfacility, but the proceedings whereunder any subsequent bonds or notes\nmay be issued shall recognize and protect any prior pledge or lease made\nfor any prior issue of bonds or notes unless in the proceedings\nauthorizing such prior issue the right is reserved to issue subsequent\nbonds or notes on a parity with such prior issue.\n 9. All bonds or notes authorized under this section and the interest\ncoupons applicable thereto are hereby made and shall be construed to be\nnegotiable instruments.\n 10. The authority shall have power out of any funds available therefor\nto purchase (as distinguished from the power of redemption herein\nprovided) any bonds or notes of the authority, and all bonds so\npurchased shall be cancelled.\n * NB (Disbanded March, 1980)\n