NY Pub Auth L § 2799-JJJ (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 34 - Syracuse Regional Airport Authority 2799-JJJ - Bonds of the Authority.

§  2799-jjj.  Bonds  of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue  bonds,  notes or  other  obligations  to  pay the cost of any project or for any other corporate purpose, including the establishment of reserves to secure the bonds, the payment of principal of, premium, if any, and interest on the bonds and the payment of incidental expenses  in  connection  therewith. The aggregate principal amount of such bonds, notes or other obligations shall  not  exceed two hundred million dollars ($200,000,000), excluding bonds, notes or other obligations issued to refund  or  otherwise  repay bonds,  notes or other obligations theretofore issued for such purposes; provided, however, that upon any such refunding or repayment  the  total aggregate   principal  amount  of  outstanding  bonds,  notes  or  other obligations  may  be  greater   than   two   hundred   million   dollars ($200,000,000)  only  if the present value of the aggregate debt service of their funding or repayment bonds, notes or other  obligations  to  be issued  shall not exceed the present value of the aggregate debt service of the bonds, notes or other obligations so to be  refunded  or  repaid. For  purposes  of this section, the present values of the aggregate debt service of the refunding or repayment bonds, notes or other  obligations and  of  the  aggregate  debt  service  of  the  bonds,  notes  or other obligations so refunded or repaid, shall be calculated by utilizing  the effective  interest  rate  of the refunding or repayment bonds, notes or other obligations, which shall be that rate arrived at by  doubling  the semi-annual   interest  rate  (compounded  semi-annually)  necessary  to discount the debt service payments on the refunding or repayment  bonds, notes or other obligations from the payment dates thereof to the date of issue  of  the  refunding or repayment bonds, notes or other obligations and to the price bid including estimated accrued  interest  or  proceeds received  by the authority including estimated accrued interest from the sale thereof. The authority shall have power and is hereby authorized to enter into such agreements and perform such  acts  as  may  be  required under  any  applicable federal legislation to secure a federal guarantee of any bonds.   2. The authority shall have power from time to time to renew bonds  or to  issue  renewal  bonds for such purpose, to issue bonds to pay bonds, and, whenever it deems refunding expedient, to refund any  bond  by  the issuance of new bonds, whether the bonds to be refunded have or have not matured, and may issue bonds partly to refund bonds then outstanding and partly  for  any  other corporate purpose of the authority. Bonds (other than notes or other  evidence  of  indebtedness)  issued  for  refunding purposes,  which  have a final maturity date longer than the maturity of the bonds being refunded, shall be  approved  by  a  resolution  of  the common  council  adopted  by  a majority vote and approved by the mayor. Bonds issued for refunding purposes  shall  be  sold  and  the  proceeds applied  to the purchase, redemption or payment of the bonds or notes to be refunded.   3. Bonds issued by the authority may be general obligations secured by the faith and credit of the authority  or  may  be  special  obligations payable  solely  out  of  particular  revenues or other moneys as may be designated in the proceedings of the authority  under  which  the  bonds shall  be  authorized  to  be issued, subject as to priority only to any agreements with the holders of outstanding bonds pledging any particular property, revenues or moneys. The authority may  also  enter  into  loan agreements, lines of credit and other security agreements and obtain for or  on  its  behalf  letters  of  credit, insurance, guarantees or other credit enhancements to the extent now or hereafter  available,  in  each case  for  securing  its bonds or to provide direct payment of any costs which the authority is authorized to pay.    4. (a) Bonds shall be authorized by resolution of the authority, be in such denominations and bear such date or dates and mature at  such  time or  times,  as  such  resolution  may  provide,  provided that bonds and renewals thereof shall mature within  thirty  years  from  the  date  of original issuance of any such bonds.  (b)  Bonds shall be subject to such terms of redemption, bear interest at such rate or rates, be payable at such times, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium  of  payment  at  such  place  or places,  and  be subject to such terms and conditions as such resolution may provide.  (c) Notwithstanding any other provision  of  law,  the  bonds  of  the authority  issued  pursuant  to this section shall be sold to the bidder offering the lowest true interest cost, taking  into  consideration  any premium  or  discount  not  less  than  four nor more than fifteen days, Sundays excepted, after a notice of such  sale  has  been  published  at least  once  in a newspaper of general circulation in the area served by the authority and on the authority website, which shall state the  terms of  the sale. The terms of the sale may not change unless notice of such change is published in such newspaper and on the  authority  website  at least one day prior to the date of the sale as set forth in the original notice  of  sale. Advertisements shall contain a provision to the effect that the authority, in its discretion, may reject any or all  bids  made in pursuance of such advertisements, and in the event of such rejection, the  authority  is  authorized  to negotiate a private or public sale or re-advertise for bids in the form and manner  above  described  as  many times  as,  in  its  judgment, may be necessary to effect a satisfactory sale.  (d)  Notwithstanding  the  provisions  of  the  preceding   paragraph, whenever in the judgment of the authority the interests of the authority will  be  served  thereby,  the members of the authority, on the written recommendation of the chairperson, may authorize the sale of such  bonds at  private  or  public  sale  on  a  negotiated  basis  or  on either a competitive or negotiated basis.  The  authority  shall  set  guidelines governing the terms and conditions of any such private or public sales.  (e)  The  private  or public bond sale guidelines set by the authority shall include, but not be  limited  to  a  requirement  that  where  the interests of the authority will be served by a private or public sale of bonds,  the  authority  shall  select underwriters for private or public bond  sales  conducted  pursuant  to  a  request  for  proposal  process undertaken  at  least  once annually and consideration of proposals from qualified  underwriters  taking  into  account,  among   other   things, qualifications  of  underwriters  as  to  experience,  their  ability to structure and sell authority  bond  issues,  anticipated  costs  to  the authority,  the prior experience of the authority with the firm, if any, the capitalization of such firms, participation  of  qualified  minority and  women-owned  business  enterprise  firms  in such private or public sales of bonds of the authority and the experience and ability of  firms under  consideration  to  work  with  minority  and women-owned business enterprises  so  as  to  promote  and  assist  participation   by   such enterprises.  (f) The authority shall have the power from time to time to amend such private  bond  sale guidelines in accordance with the provisions of this subdivision.  (g) No private or public bond sale on  a  negotiated  basis  shall  be conducted   by  the  authority  without  prior  approval  of  the  state comptroller and the city comptroller.  (h) The authority shall annually  prepare  and  approve  a  bond  sale report which shall include the private or public bond sale guidelines as specified  in  this subdivision, amendments to such guidelines since the last private or public bond sale report, an explanation of the bond sale guidelines  and  amendments,  and  the  results  of  any  sale  of bonds conducted during the fiscal year. Such bond sale report may be a part of any other annual report that the authority is required to make.  (i) The authority shall annually submit its bond sale  report  to  the state  comptroller  and  copies thereof to the senate finance committee, the assembly ways and means committee and the authority budget office.  (j) The authority shall make available to the  public  copies  of  its bond sale report upon reasonable request therefore.  (k)  Nothing  contained  in this subdivision shall be deemed to alter, affect the validity of, modify the terms of or impair  any  contract  or agreement  made  or  entered into in violation of, or without compliance with, the provisions of this subdivision.   5. Any resolution or resolutions authorizing bonds  or  any  issue  of bonds  may  contain  provisions which may be a part of the contract with the holders of the bonds thereby authorized as to:  (a) pledging all or any part of the revenues, other moneys or property of the authority to secure the payment of the bonds,  or  any  costs  of issuance  thereof,  including but not limited to any contracts, earnings or proceeds of any grant to the authority received from any  private  or public  source  subject  to such agreements with bondholders as may then exist;  (b) the setting aside of reserves and the creation  of  sinking  funds and the regulation and disposition thereof;  (c)  limitations on the purpose to which the proceeds from the sale of bonds may be applied;  (d) the rates, rents, fees and other charges to be fixed and collected by the authority and the amount to be raised in each  year  thereby  and the use and disposition of revenues;  (e) limitations on the right of the authority to restrict and regulate the  use  of  the project or part thereof in connection with which bonds are issued;  (f) limitations on the issuance of additional bonds,  the  terms  upon which  additional  bonds  may be issued and secured and the refunding of outstanding or other bonds;  (g) the procedure, if any, by which the terms  of  any  contract  with bondholders may be amended or abrogated, the amount of bonds the holders of  which must consent thereto, and the manner in which such consent may be given;  (h) the creation of special funds into which any  revenues  or  moneys may be deposited;  (i) the terms and provisions of any trust, mortgage, deed or indenture securing the bonds under which the bonds may be issued;  (j)  vesting  in a trustee or trustees such properties, rights, powers and duties in trust as the authority may determine which may include any or all of the rights, powers and duties of the trustees appointed by the bondholders pursuant to this title and limiting or abrogating the rights of the bondholders to appoint a trustee under such section  or  limiting the rights, duties and powers of such trustee;  (k)  defining  the  acts  or  omissions  to act which may constitute a default  in  the  obligations  and  duties  of  the  authority  to   the bondholders and providing for the rights and remedies of the bondholders in  the  event  of  such  default,  including  as  a matter of right the appointment of a receiver,  provided,  however,  that  such  rights  and  remedies  shall  not  be inconsistent with the general laws of the state and other provisions of this title;  (l)  limitations  on  the  power of the authority to sell or otherwise dispose of any project or any part thereof;  (m) limitations on the amount of  revenues  and  other  moneys  to  be expended   for  operating,  administrative  or  other  expenses  of  the authority;  (n) the payment of the proceeds of bonds, revenues and other moneys to a trustee or other  depository,  and  for  the  method  of  disbursement thereof  with  such  safeguards  and  restrictions  as the authority may determine; and  (o) any other matters of like or different character which in any  way affect  the  security  or  protection  of  the  bonds  or the rights and remedies of bondholders.   6. In addition to the powers herein conferred upon  the  authority  to secure  its bonds, the authority shall have power in connection with the issuance of bonds  to  adopt  resolutions  and  enter  into  such  trust indentures,  agreements  or  other instruments as the authority may deem necessary, convenient or desirable concerning the use or disposition  of its  revenues  or  other moneys or property, including the mortgaging of any property and the entrusting,  pledging  or  creation  of  any  other security interest in any such revenues, moneys or property and the doing of  any act, including refraining from doing any act which the authority would have the right to do in the absence  of  such  resolutions,  trust indentures,  agreements  or  other instruments. The authority shall have power  to  enter  into  amendments  of  any  such   resolutions,   trust indentures,  agreements or other instruments. The provisions of any such resolutions, trust indentures, agreements or other  instruments  may  be made a part of the contract with the holders of bonds of the authority.   7.  Any  provision  of  the  uniform  commercial  code to the contrary notwithstanding, any pledge of or other security interest  in  revenues, moneys, accounts, contract rights, general intangibles or other personal property  made  or  created by the authority shall be valid, binding and perfected from the time when such  pledge  is  made  or  other  security interest  attaches  without  any  physical delivery of the collateral or further act, and the lien of any such pledge or other security  interest shall  be valid, binding and perfected against all parties having claims of any kind  in  tort,  contract  or  otherwise  against  the  authority irrespective  of  whether  or  not  such parties have notice thereof. No instrument by which such a pledge or security interest  is  created  nor any financing statement need be recorded or filed.   8.  Whether  or  not the bonds are of such form and character as to be negotiable instruments under the terms of the uniform  commercial  code, the  bonds  are hereby made negotiable instruments within the meaning of and for all the purposes of the uniform commercial code, subject only to the provisions of the bonds for registration.   9. Neither the members of the authority nor any person  executing  its bonds  shall  be  liable  personally  on  its bonds or be subject to any personal liability or accountability by reason of the issuance thereof.   10. Subject to such agreements with bondholders as may then exist, the authority shall have power  out  of  any  funds  available  therefor  to purchase  bonds of the authority, which shall thereupon be cancelled, at a price not  exceeding  (a)  if  the  bonds  are  then  redeemable,  the redemption  price  then  applicable  plus  accrued  interest to the next interest payment date, or (b) if the bonds are not then redeemable,  the redemption  price  applicable on the first date after such purchase upon which the bonds become subject to redemption plus  accrued  interest  to  the  next  interest  payment date. Bonds so purchased shall thereupon be cancelled.