NY Pub Auth L § 1020-K (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 1-A - Long Island Power Authority 1020-K - Bonds of the Authority.

* §  1020-k. Bonds of the authority. 1. The authority shall have power and is hereby authorized from time to time to issue its negotiable bonds in conformity with applicable provisions of the uniform commercial  code for  any  purpose authorized by this title, including without limitation (a) to acquire any  real  or  personal  property  or  facilities  deemed necessary by the authority, (b) to pay interest on bonds or notes of the authority, (c) to establish reserves to secure such bonds and notes, (d) to  establish  or maintain such other funds or accounts for such purpose or purposes as the authority may deem necessary or desirable, and (e) to pay all other expenses of the authority incident to the issuance of such bonds or notes.   2. Except as may be otherwise expressly provided by the authority, the bonds and notes of every issue  shall  be  general  obligations  of  the authority  payable  out  of  any  moneys  or  revenues of the authority, subject only to any agreements with the holders of particular  bonds  or notes,  or  any  trustee  therefor,  pledging  any  particular moneys or revenues.   3. The authority shall have power from time to time, whenever it deems refunding expedient, to refund any bonds 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. Refunding bonds may be exchanged for the bonds to be refunded, with such cash adjustments as may  be  agreed, or  may  be  sold  with the proceeds applied to the purchase, payment or provision for payment of the bonds to be refunded.   4. Bonds may be issued, payable in  annual  installments  or  as  term bonds  or  both. Bonds shall be authorized by resolution of the board of the authority and shall bear such date or dates, mature at such time  or times,  not  exceeding  fifty  years  from  their respective dates, bear interest at such rate or rates, be in such  denominations,  be  in  such form,  either  coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful  money  of  the  United States of America or by check at such place or places, and be subject to such terms of redemption, as such resolution or resolutions may provide. In  the event that term bonds are issued, the resolution authorizing the same may make such provisions for the establishment and  maintenance  of sinking  funds  for  the  payment  thereof  as  the  authority  may deem necessary or appropriate. Bonds or  notes  may  be  sold  at  public  or private  sale  at  such price or prices as the authority shall determine but shall not be sold by the authority at private sale unless such  sale and   terms   thereof  have  been  approved  in  writing  by  the  state comptroller. Pending preparation  of  definitive  bonds  or  notes,  the authority  may  issue  bonds  or  notes in temporary form which shall be exchanged for bonds or notes in definitive form when available.   5. Any resolution or resolutions authorizing any bonds or any issue of bonds may (a) delegate to an officer or officers of  the  authority  the power  to approve the issuance of bonds from time to time and to fix the details of  any  such  bonds  or  issues  of  bonds  by  an  appropriate certificate  of  such  authorized  officer  or  officers and (b) contain provisions, which shall be a part of the contract with  the  holders  of the bonds to be authorized as to: (i) pledging or creating a lien on all or  any  part  of the moneys, revenues or properties of the authority to secure the payment of the bonds or of any particular issue of  bonds  or any  portion  of  any  issue  of  bonds, subject to such agreements with bondholders as may then exist;  (ii) the rates, fees and other charges to be charged, and the  amounts to  be  raised  in each year thereby, and the use and disposition of the revenues;  (iii) the  setting  aside  of  reserves  or  sinking  funds,  and  the regulation and disposition thereof;  (iv)  limitations  on  the  right  of  the  authority  to restrict and regulate the use of any of its property;  (v) limitations on the purpose to which the proceeds of  sale  of  any issue of bonds then or thereafter to be issued may be applied;  (vi)  limitations  on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the  refunding  of outstanding bonds;  (vii)  the  procedure, if any, by which the terms of any contract with bondholders may be amended, the  amount  or  percentage  of  outstanding bonds the holders of which must consent thereto, and the manner in which such consent may be given;  (viii)  defining the acts or omissions to act which shall constitute a default in the duties of the authority to holders of its obligations and providing the rights and remedies of such holders or of a trustee acting on their behalf in the event of a default; and  (ix) any other matters of like or different character,  which  in  any way  may  affect the security and protection of the bonds and the rights of the holders thereof.   6. Notwithstanding any  other  provisions  of  this  title,  any  such resolution or resolutions shall contain a covenant by the authority that it  will at all times maintain rates, fees or charges sufficient to pay, and that any contracts entered into  by  the  authority  for  the  sale, transmission or distribution of electricity shall contain rates, fees or charges sufficient to pay, the costs of operation and maintenance of the facilities  owned  or  operated  by  the  authority, payments in lieu of taxes, renewals, replacements and capital additions,  the  principal  of and  interest  on  any obligations issued pursuant to such resolution as the same severally become due and payable, and to establish or  maintain any  reserves  or  other funds or accounts required or established by or pursuant to the terms of such resolution or resolutions.   7. It is the intention of the legislature that any pledge  of  moneys, revenues  or  property  or  of a revenue producing contract or contracts made by the authority shall be valid and binding from the time when  the pledge  is  made;  that  the moneys, revenues or proceeds so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical  delivery  thereof  or  further act;  and that the lien of any such pledge shall be valid and binding as against all parties having claims of  any  kind  in  tort,  contract  or otherwise  against  the  authority  irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument  by which  a  pledge or lien is created pursuant to this subdivision need be recorded in order to perfect such pledge or lien.   8. Neither the trustees of the authority nor any person executing  the bonds  or  notes  shall be liable personally on the bonds or notes or be subject to any personal liability or accountability  by  reason  of  the issuance thereof.   9.  The authority shall have power out of any funds available therefor to purchase bonds  or  notes  at  such  price  or  prices  as  it  deems advisable.  The authority may hold, pledge, cancel or resell such bonds, subject to agreements with bondholders.   10.  All  bonds,  notes  and other obligations issued by the authority under the provisions of this title are hereby declared to have  all  the qualities  and  incidents of negotiable instruments under the applicable laws of the state.   * NB There are 2 § 1020-k's