§ 661 — Bonds of the authority

§ 661. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue its negotiable bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any corporate purpose in the aggregate principal amount of not\nexceeding an amount fixed by the county legislature from time to time by\nordinance. The authority shall have power from time to time and whenever\nit deems refunding expedient, to refund any bonds by the issuance of new\nbonds, whether the bonds to be refunded have or have not matured, and\nmay issue bonds partly to refund bonds then outstanding and partly for\nany other corporate purpose. The refunding bonds may be exchanged for\nthe bonds to be refunded, with such cash adjustments as may be agreed,\nor may be sold and the proceeds applied to the purchase or payment of\nthe bonds 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 for new bonds shall be excluded. Except as may\notherwise be expressly provided by the authority, every issue of the\nbonds shall be general obligations payable out of any moneys or revenues\nof the authority, subject only to any agreements with the holders of\nparticular bonds pledging any particular tolls or revenues.\n 2. The bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times, not exceeding\nforty years from their respective dates, bear interest at such rate or\nrates, as the board shall determine and shall be payable semi-annually,\nbe in such denominations, be in such form, either coupon or registered,\ncarry such registration privileges, be executed in such manner, be\npayable in such medium of payment, at such place or places, and be\nsubject to such terms of redemption, as such resolution or resolutions\nmay provide. The bonds may be sold at public or private sale for such\nprice or prices as the authority shall determine.\n 3. The bonds may be issued for any corporate purpose of the authority.\n 4. 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 tolls and revenues of the project\nto secure the payment of the bonds subject to such agreements with\nbondholders as may then exist;\n (b) the rates of the tolls to be charged, and the amounts to be raised\nin each year by tolls, and the use and disposition of the tolls and\nother revenues;\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 the project in connection with which such bonds are issued;\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 of any\nissue of 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 any 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 of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section six hundred sixty-six hereof, and\nlimiting or abrogating the right of the bondholders to appoint a trustee\nunder said section hereof or limiting the rights, duties and powers of\nsuch trustee;\n (j) any other matters, of like or different character, which in any\nway affect the security or protection of the bonds.\n 5. It is the intention hereof that any pledge of tolls or other\nrevenues or other moneys made by the authority shall be valid and\nbinding from the time when the pledge is made; that the tolls or other\nrevenues or other moneys so pledged and thereafter received by the\nauthority shall immediately be subject to the lien of such pledge\nwithout any physical delivery thereof or further act, and that the lien\nof any such pledge shall be valid and binding as against all parties\nhaving claims of any kind in tort, contract or otherwise against the\nauthority irrespective of whether such parties have notice thereof.\nNeither the resolution nor any other instrument by which a pledge is\ncreated need be recorded.\n 6. Neither the members of the authority nor any person executing the\nbonds shall be liable personally on the bonds or be subject to any\npersonal liability or accountability by reason of the issuance thereof.\n 7. The authority shall have power out of any funds available therefor\nto purchase bonds. The authority may hold, cancel or resell such bonds,\nsubject to and in accordance with agreements with bondholders.\n