N.Y. POA Law § 10-A — New York Code / Act POA / Section 10-A
No title
Status: in_force

§ 10-A. Subject to the provisions of section three of article eight of\nthe constitution and section six-a of the general municipal law,\nnotwithstanding the provisions of any other general, special or local\nlaws: (a) With the approval of and on terms and conditions prescribed by\nthe state comptroller, the commission may refund the principal of and\nissue bonds of the district to pay the interest on any bonded\nindebtedness or portion thereof contracted before the first day of\nJanuary, nineteen hundred thirty-nine. The consent of the state\ncomptroller shall be executed under his hand and seal in duplicate. One\nof such duplicates shall be filed in the office of the department of\naudit and control and the other in the office of the chief fiscal\nofficer of the commission. Both of such duplicates shall be public\nrecords. All such bonds shall contain a recital that they are issued\npursuant to this section, which recital shall be conclusive evidence of\ntheir validity and of the regularity of the issue. The validity of the\nbonds hereby authorized shall in no wise be affected by the invalidity\nof, or any irregularity in any proceeding authorizing the issuance of,\nthe obligations the principal of or interest on which is to be paid with\nthe proceeds thereof except that bonds shall not be issued to pay the\nprincipal of or interest on bonds of the district adjudged invalid by\nthe final judgment of a court of competent jurisdiction. No bonds issued\npursuant to this section shall be refunded. Such bonds may be authorized\nat any general or special meeting of the commission by the vote of a\nmajority of the commission. Such bonds shall show upon their face that\nthe payment thereof is secured by general tax in the several\nmunicipalities in the Albany Port District under the provisions of this\nact, reciting the title and chapter number hereof, and that the proceeds\nof such tax are hereby pledged for the payment of such bonds. Such bonds\nshall not be construed in any event as bonds or indebtedness of the\nstate, and the state shall not be obligated to pay the principal or\ninterest, or either, nor shall such bonds be considered obligations of\ncities and subject to the provisions of section four of article eight of\nthe constitution of the state of New York. Such bonds shall bear\ninterest at a rate of not exceeding six per centum per annum, payable\nsemi-annually. Such bonds, as issued from time to time, shall be paid in\nannual installments, the first of which shall be payable not more than\nfive years and the last of which shall be payable not later than the\nyear nineteen hundred and sixty-one. None of such installments shall be\nmore than twice the amount of any prior installment. Such bonds shall be\nexempt from taxation except for transfer and inheritance taxes. They\nshall be signed by the chairman of the commission, attested by its\nsecretary and have the seal of the district affixed thereto. The coupons\nshall bear the facsimile signature of the treasurer of the commission.\nThey shall be sold at not less than par. The commission shall sell such\nbonds to the highest bidder after advertisement for a period of five\nconsecutive days, Sundays and holidays excepted, in at least two daily\nnewspapers published in the city of Albany. Advertisements shall contain\na provision to the effect that the commission, in its discretion, may\nreject any or all bids made in pursuance of such advertisement and in\nthe event of such rejection, the commission is authorized to readvertise\nfor bids in the form and manner above described as many times as in its\njudgment may be necessary to effect a sale. In the event that at any\ntime prior to April first, nineteen hundred forty-three no bids are\nreceived on the date named in such advertisement, the commission may,\nwithin sixty days thereafter at a regular or special meeting at which\nnot less than four members are present and acting by the affirmative\nvote of not less than three members, sell such bonds or any part thereof\nat private sale, with or without competition on any bid which it could\nhave legally accepted had it been received on the date named in such\nadvertisement. Such bonds shall be lawful investments for trustees and\nsavings banks of the state, and may be accepted as investments for any\nof the sinking funds or other funds or moneys of the state or of any of\nthe agencies, municipalities or political subdivisions of the state.\n  (b) The amount of any bonds issued hereunder for any purpose, except\nto pay the principal on maturing bonds, shall be included in\nascertaining the power of each of the cities within the district to\ncontract indebtedness; the portion of the total to be included in\ncomputing the debt of each city to be determined in accordance with\ngeneral law.\n  (c) Any provisions of this chapter inconsistent with the provisions of\nthis section ten-A shall not apply to the bonds hereby authorized to be\nissued.\n