§ 2490-I — Bonds of the authority

§ 2490-i. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue its negotiable\nbonds in conformity with applicable provisions of the uniform commercial\ncode for its corporate purposes in the aggregate principal amount of not\nexceeding fifteen million dollars. The authority shall have power from\ntime to time and whenever it deems refunding expedient to refund any\nbonds by the issuance of new bonds, whether the bonds to be refunded\nhave or have not matured, and may issue bonds partly to refund bonds\nthen outstanding and partly for any other purpose hereinabove described.\nIn computing the total amount of bonds of the authority, which may at\nany time be outstanding, the amount of the outstanding bonds to be\nrefunded from the proceeds of the sale of new bonds or by exchange for\nnew bonds shall be excluded. Except as may otherwise be expressly\nprovided by the authority, the bonds of every issue shall be general\nobligations of the authority payable out of any moneys or revenues of\nthe authority, subject only to any agreements with the holders of\nparticular bonds pledging any particular moneys or revenues.\n 2. Bonds shall be authorized by resolution of the authority, be in\nsuch denominations and bear such date or dates, mature at such time or\ntimes, except that notes and any renewals thereof shall mature within\nfive years from the date of the original issuance and bonds and any\nrenewals thereof shall mature within thirty years from the date of the\noriginal issuance. The bonds and notes shall be subject to such terms of\nredemption, bear interest at such rate or rates payable at such times,\nbe in such 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, and be subject to such terms and\nconditions as such resolution may provide. Bonds may be sold at public\nor private sale for such price or prices as the authority shall\ndetermine.\n 3. Any resolution or resolutions authorizing bonds or any issue of\nbonds may contain provisions which may 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, other moneys or property\nof the authority to secure the payment of the bonds, including but not\nlimited to any contracts, earnings or proceeds of any grant to the\nauthority received from any private or public source;\n (b) The setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (c) Limitations on the purpose to which the proceeds from the sale of\nbonds may be applied;\n (d) The rates, rents, fees and other charges to be fixed and collected\nby the authority and the amount to be raised in each year thereby and\nthe use and disposition of revenues;\n (e) Limitations on the right of the authority to restrict and regulate\nthe use of the project or part thereof in connection with which bonds\nare issued;\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 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\nholders of which must consent thereto and the manner in which such\nconsent may be given;\n (h) The creation of special funds into which any revenues or moneys\nmay be deposited;\n (i) The terms and provisions of any trust deed or indenture securing\nthe bonds 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 ninety-j of this\ntitle and limiting or abrogating the rights of the bondholders to\nappoint a trustee under such section or limiting the rights, duties and\npowers of such trustee;\n (k) Defining the acts or omissions to act which may constitute a\ndefault in the obligations and duties of the authority to the\nbondholders and providing for the rights and remedies of the bondholders\nin the 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 the state\nand other provisions of this title;\n (l) Limitations on the power of the authority to sell or otherwise\ndispose of any project or any part thereof;\n (m) Limitations on the amount of revenues and other moneys to be\nexpended for operating, administrative or other expenses of the\nauthority;\n (n) The payment of the proceeds of bonds, revenues and other moneys to\na trustee or other depository, and for the method of disbursement\nthereof with such safeguards and restrictions as the authority may\ndetermine; and\n (o) Any other matters of like or different character which in any way\naffect the security or protection of the bonds or the rights and\nremedies of bondholders.\n 4. In addition to the powers herein conferred upon the authority to\nsecure its bonds, the authority shall have power in connection with the\nissuance of bonds to enter into such agreements as the authority may\ndeem necessary, consistent or desirable concerning the use or\ndisposition of its revenues or other moneys or property, including the\nmortgaging of any property and the entrusting, pledging or creation of\nany other security interest in any such revenues, moneys or property and\nthe doing of any act (including refraining from doing any act) which the\nauthority would have the right to do in the absence of such agreements.\nThe authority shall have power to enter into amendments of any such\nagreements within the powers granted to the authority by this title and\nto perform such agreements. The provisions of any such agreements may be\nmade a part of the contract with the holders of bonds of the authority.\n 5. Any provision of the uniform commercial code to the contrary\nnotwithstanding, any pledge of or other security interest in revenues,\nmoneys, accounts, contract rights, general intangibles or other personal\nproperty made or created by the authority shall be valid, binding and\nperfected from the time when such pledge is made or other security\ninterest attaches without any physical delivery of the collateral or\nfurther act, and the lien of any such pledge or other security interest\nshall be valid, binding and perfected against all parties having claims\nof any kind in tort, contract or otherwise against the authority\nirrespective of whether or not such parties have notice thereof. No\ninstrument by which such a plege or security interest is created nor any\nfinancing statement need be recorded or filed.\n 6. Whether or not the bonds are of such form and character as to be\nnegotiable instruments under the terms of the uniform commercial code,\nthe bonds are hereby made negotiable instruments within the meaning of\nand for all the purposes of the uniform commercial code, subject only to\nthe provisions of the bonds for registration.\n 7. Neither the members of the authority nor any person executing bonds\nshall be liable personally thereon or be subject to any personal\nliability or accountability by reason of the issuance thereof.\n 8. The authority, subject to such agreements with bondholders as then\nmay exist, shall have power out of any moneys available therefor to\npurchase bonds of the authority, which shall thereupon be cancelled, at\na price not exceeding:\n (a) If the bonds are then redeemable, the redemption price then\napplicable, plus accrued interest to the next interest payment date;\n (b) If the bonds are not then redeemable, the redemption price\napplicable on the first date after such purchase upon which the bonds\nbecome subject to redemption plus accrued interest to the next interest\npayment date.\n