N.Y. NPC Law § 1611 — New York Code / Act NPC / Article 16 / Section 1611
Borrowing and issuance of bonds
Status: in_force

§ 1611. Borrowing and issuance of bonds.\n  (a) A land bank shall have power to issue bonds for any of its\ncorporate purposes, the principal and interest of which are payable from\nits revenues generally. Any of such bonds may be secured by a pledge of\nany revenues, including grants or contributions from the state of New\nYork, the federal government, or any agency, and instrumentality\nthereof, or by a mortgage of any property of the land bank.\n  (b) The bonds issued by a land bank are hereby declared to have all\nthe qualities of negotiable instruments under New York state law.\n  (c) The bonds of a land bank created under the provisions of this\narticle and the income therefrom shall at all times be free from\ntaxation for the state of New York or local purposes under any provision\nof New York law.\n  (d) Bonds issued by the land bank shall be authorized by resolution of\nthe board and shall be limited obligations of the land bank; the\nprincipal and interest, costs of issuance, and other costs incidental\nthereto shall be payable solely from the income and revenue derived from\nthe sale, lease, or other disposition of the assets of the land bank. In\nthe discretion of the land bank, the bonds may be additionally secured\nby mortgage or other security device covering all or part of the project\nfrom which the revenues so pledged may be derived. Any refunding bonds\nissued shall be payable from any source described above or from the\ninvestment of any of the proceeds of the refunding bonds and shall not\nconstitute an indebtedness or pledge of the general credit of any\nforeclosing governmental unit or municipality within the meaning of any\nconstitutional or statutory limitation of indebtedness and shall contain\na recital to that effect. Bonds of the land bank shall be issued in such\nform, shall be in such denominations, shall bear interest, shall mature\nin such manner, and be executed by one or more members of the board as\nprovided in the resolution authorizing the issuance thereof. Such bonds\nmay be subject to redemption at the option of and in the manner\ndetermined by the board in the resolution authorizing the issuance\nthereof.\n  (e) Bonds issued by the land bank shall be issued, sold, and delivered\nin accordance with the terms and provisions of a resolution adopted by\nthe board. The board may sell such bonds in such manner, either at\npublic or at private sale, and for such price as it may determine to be\nin the best interests of the land bank. The resolution issuing bonds\nshall be published in a newspaper of general circulation within the\njurisdiction of the land bank and posted prominently and continuously on\nthe homepage of any website maintained by the land bank.\n  (f) Neither the members of a land bank nor any person executing the\nbonds shall be liable personally on any such bonds by reason of the\nissuance thereof. Such bonds or other obligations of a land bank shall\nnot be a debt of any municipality or of the state of New York, and shall\nso state on their face, nor shall any municipality or the state of New\nYork nor any revenues or any property of any municipality or of the\nstate of New York be liable therefor.\n