§ 703-A — Financing ferries

New York § 703-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8: Ogdensburg Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 703-a. Financing ferries. 1. In addition to other powers granted to\nthe authority under the provisions of this title the authority shall\nhave power to issue its negotiable notes in conformity with applicable\nprovisions of the uniform commercial code in such amount as may be\nnecessary to pay the cost of the ferries purchased by it under the\nprovisions of this title, the costs of any improvements thereof and such\nexpenses as may be deemed necessary or incident to such financing.\n 2. The issuance of such notes, the maturities and other details\nthereof, the rights of the holders thereof, and the rights, duties and\nobligations of the authority in respect of the same, shall be governed\nby the provisions of this title which relate to bonds in so far as the\nsame may be applicable.\n 3. Neither the authority nor the state of New York or any agency,\ndepartment or instrumentality thereof shall proceed with the\nconstruction of any bridge across the Saint Lawrence river at or near\nthe city of Ogdensburg, in the county of Saint Lawrence, New York,\nunless all such notes shall have theretofore been paid and cancelled\neither from the proceeds of bonds issued under the provisions of this\ntitle or from any other moneys which may be available for such purpose.\nIn case the authority shall issue its bonds under the provisions of this\ntitle, the amount required for making such payment shall be deemed to\nconstitute the purchase price of the ferries.\n