NY Pub Auth L § 581 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 4 - Thousand Islands Bridge Authority 581 - Bonds and Notes of the Authority.

§  581.  Bonds and notes of the authority. 1. The authority shall have the power and is hereby authorized  from  time  to  time  to  issue  its negotiable  bonds  and notes in conformity with applicable provisions of the uniform commercial code in such amount as may be  necessary  to  pay the  entire cost of financing any one or more of the purposes authorized pursuant to section five hundred seventy-eight of this chapter,  or  for the  purpose of refunding any bonds or notes previously issued, and such cost of financing shall be deemed to  include  but  not  be  limited  to refunding  of  any bonds or notes previously issued and then outstanding as well as any redemption premium thereon and any interest to accrue  to the  date  of  redemption of such bonds or notes, such other expenses as may be incident to the issuance of such new  bonds  or  notes,  interest prior  to  and  during  construction and for six months after completion thereof, and such other expenses as may be deemed necessary or  incident thereto for placing the same in operation. The issuance of such bonds or notes,  the  maturities  and  other  details  thereof, the rights of the holders thereof, and the rights, duties and obligations of the authority in respect of the same, shall be governed  by  the  provisions  of  this title.   2.  (a) Such bonds shall be authorized by resolution of the authority, subject to the approval of the supervisors, and shall bear such date  or dates, and shall mature at such time or times, not exceeding fifty years from  the date of issue, 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 such medium of payment, at such place or places, and be subject to such terms of redemption, as such resolution or resolutions may provide. Such bonds may be sold at public or private sale for such price or  prices  as  the authority shall determine.  (b)  Whether  or not the bonds or notes are of such form and character as to be negotiable instruments  under  article  eight  of  the  uniform commercial  code,  the  bonds  or  notes  shall  be  and hereby are made negotiable instruments within  the  meaning  and  for  all  purposes  of article  eight  of  the  uniform  commercial  code,  subject only to the provisions of the bonds for registration.   3. Any resolution or resolutions authorizing any bonds  or  notes  may contain  provisions  which  shall  be  a  part  of the contract with the holders of the bonds or notes as to:  (a) pledging the tolls and revenues of the  authority  to  secure  the payment of the bonds or notes;  (b)  the  rates  of the tolls to be charged for use of the bridges and roads and the amounts to be raised in each year by tolls and the use and disposition of the tolls and other revenues;  (c) the setting aside of reserves or sinking funds and the  regulation and disposition thereof;  (d)  limitations  on  the right of the authority and its successors to restrict and regulate the use of the bridges hereby authorized;  (e) limitations on the purpose to which the proceeds of  sale  of  any issue of bonds or notes then or thereafter to be issued may apply;  (f) limitations on the issuance of additional bonds or notes;  (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.   4. Neither the members of the board 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.    5.  In  the discretion of the authority, the bonds may be secured by a trust indenture by and between the authority and  a  corporate  trustee, which  may  be  any  trust  company or bank having the powers of a trust company in the state. Such trust indenture may contain  such  provisions for  protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of  law,  including covenants  setting  forth the duties of the authority in relation to the construction,  maintenance,  operation,  repair  and  insurance  of  the bridges   or   other  facilities,  and  the  custody,  safeguarding  and application of all moneys, and may provide that the  bridges  and  roads shall  be constructed and paid for under the supervision and approval of consulting engineers. Nothwithstanding the provisions  of  section  five hundred  eighty of this chapter, the authority may provide by such trust indenture for the payment of the proceeds of the bonds and the  revenues of  the  authority  to  the  trustee under such trust indenture or other depository, and for  the  method  of  disbursement  thereof,  with  such safeguards  and  restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as an operating cost of the authority. If the bonds shall be secured by  a  trust  indenture, the  bondholders  shall  have  no power to appoint a separate trustee to represent them, and the trustee under such trust  indenture  shall  have and  possess  all  of  the  powers  which  are conferred by section five hundred  eighty-six  of  this  chapter  upon  a  trustee  appointed   by bondholders.   6.  The  authority  shall  have  the power and is hereby authorized to issue negotiable bond anticipation notes in conformity  with  applicable provisions  of  the  uniform commercial code and may renew the same from time to time but the maximum maturity of such notes, including  renewals thereof  shall  not  exceed  seven  years from the date of issue of such original note. Such notes may be paid from any moneys of  the  authority available  therefor  and  not  otherwise pledged or from the proceeds of sale of the bonds of the authority in anticipation of  which  they  were issued.  The  notes  shall be issued in the same manner as the bonds and such notes and the resolution or resolutions authorizing  the  same  may contain  any  provisions, conditions or limitations which the bonds or a bond resolution of the authority may contain. Such notes may be sold  at public  or  private sale. Such notes shall be as fully negotiable as the bonds of the authority.   7. The authority shall also have the power and is hereby authorized to issue negotiable notes and  renewals  thereof  in  conformity  with  the applicable  provisions of the uniform commercial code provided, however, that it shall not issue such notes in an aggregate amount of  more  than one   hundred  thousand  dollars  without  the  prior  approval  of  the supervisors by resolution duly adopted. Such notes may be issued for any corporate purpose of the authority. The maximum  maturity  of  any  such note,  including  renewals thereof, shall not exceed five years from the date of issue of the original note, unless  otherwise  approved  by  the supervisors.  Such  notes  may  be paid from any moneys of the authority available therefor and not  otherwise  pledged  and  the  authority  may pledge   its  revenues  for  the  payment  thereof.  The  resolution  or resolutions  authorizing  such  notes  may   contain   any   provisions, conditions  or  limitations  which the bonds or a bond resolution of the authority may contain. Such notes may be sold at public or private sale. Such notes shall be as fully negotiable as the bonds of the authority.