NY Pub Auth L § 1558-2 (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 7* - Endicott Parking Authority 1558*2 - Bonds of the Authority.

* §  1558.  Bonds  of  the  authority. 1. The authority shall have the 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 mentioned in section entitled, purpose  and  powers of    the    authority,   including   the   acquisition,   construction, reconstruction and repair of personal and real  property  of  all  kinds deemed  by  the  board  to  be  necessary or desirable to carry out such purpose, as well as to pay such expenses as may be deemed by  the  board necessary  or desirable to the financing thereof and placing the project or projects in operation  in  the  aggregate  principal  amount  of  not exceeding one million dollars outstanding at any one time. The authority shall  have  power  from  time  to  time and 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 purpose hereinabove  described.  The  refunding  bonds  may be exchanged for the bonds to be refunded, with such cash adjustments as may  be  agreed,  or may  be  sold and the proceeds applied to the purchase or payment of the bonds to be refunded. In computing the total  amount  of  bonds  of  the authority  which  may  at  any  time  be  outstanding  the amount of the outstanding bonds to be refunded from the proceeds of the  sale  of  new bonds  or  by  exchange  for  new bonds shall be excluded. Except as may otherwise be expressly provided by the authority,  the  bonds  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  pledging  any  particular  moneys  or revenues.   2.  The bonds shall be authorized by resolution of the board and shall bear such date or dates, mature at such time  or  times,  not  exceeding thirty  years from their respective dates, bear interest at such rate or rates, not exceeding five per  centum  per  annum  payable  annually  or semi-annually,  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 at such place or places and be subject to such terms of redemption, as such resolution or resolutions may provide. The bonds may be sold  at  public or  private  sale  for  such  price  or  prices  as  the authority shall determine, but which shall not at the time of sale yield more than  five per centum per annum.   3. Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions, which shall 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 of a project or projects to secure the payment of the bonds,  subject  to  such  agreements  with bondholders as may then exist;  (b) the rentals, 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:  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d) limitations on the right of the authority to restrict and regulate the use of a project;  (e) limitations on the purpose to which the proceeds of  sale  of  any issue  of  bonds  then  or  thereafter  to  be issued may be applied and pledging such proceeds to secure the payment of  the  bonds  or  of  any issue of the bonds;  (f)  limitations  on  the issuance of additional bonds; the terms upon which additional bonds may be  issued  and  secured;  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)  limitations  on the amount of moneys derived from a project to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (i) vesting in a trustee or trustees such property, 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  trustee  appointed  by  the bondholders  pursuant  to  section  one thousand five hundred sixty-five hereof, and limiting or abrogating  the  right  of  the  bondholders  to appoint  a trustee under said section or limiting the rights, duties and powers of such trustee;  (j) any other matters, of like or different character,  which  in  any way affect the security or protection of the bonds.   4.  It  is  the  intention hereof that any pledge of revenues or other moneys made by the authority shall be valid and binding  from  the  time when  the  pledge  is made; that the revenues or other moneys 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 is created need be recorded.   5. Neither the members of the authority nor any person  executing  the bonds  shall  be  liable  personally  on  the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.   6. The authority shall have power out of any funds available  therefor to  purchase bonds. The authority may hold, cancel or resell such bonds, subject to and in accordance with agreements with bondholders.   7. 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 of New York. 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 project or projects and the custody, safeguarding and application of all moneys, and may provide that the project or  projects shall  be constructed and paid for under the supervision and approval of consulting engineers. Notwithstanding the provisions of section entitled moneys of the  authority,  the  authority  may  provide  by  such  trust indenture  for the payment of the proceeds of the bonds and the revenues of the project or projects 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 a part of the cost of maintenance, operation, and repairs of the project or  projects. If  the  bonds  shall  be  secured by a trust indenture, the bondholders shall have no authority 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  entitled  remedies   of bondholders upon a trustee appointed by bondholders.   * NB Dissolved December 31, 1977   * NB There are 2 § 1558's