NY Pub Auth L § 3962 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 3 - Erie County Fiscal Stability Authority 3962 - Bonds, Notes or Other Obligations of the Authority.

§  3962.  Bonds,  notes  or other obligations 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 in such principal   amounts as  it  may  determine  to  be  necessary  pursuant  to  section   thirty-nine hundred sixty-one of this title to pay any financeable costs   and  to  fund reserves to secure such bonds, notes or other obligations,   including  incidental  expenses  in  connection   therewith;   provided,   however,  the  aggregate principal amounts of such bonds, notes or other   obligations outstanding at any one time shall not exceed  seven  hundred   million  dollars,  and such bonds shall be exempt as provided in section   thirty-nine hundred sixty-nine of this  title.  Bonds,  notes  or  other   obligations  issued  by  the  authority  (a)  to pay reasonable costs of   issuance, as determined by the authority, (b) to establish debt  service   reserve  funds, (c) to refund or advance refund any outstanding bonds or   notes of the county or the authority, or (d)  as  cash  flow  borrowings   shall  not  count against the above limit on outstanding bonds, notes or   other obligations of the authority, nor shall any accretion of principal   of bonds that would constitute interest under the Internal Revenue  Code   of  1986,  as  amended, count against such limit; provided further, that   the aggregate principal amount of cash flow  borrowings  outstanding  at   any time shall not exceed two hundred fifty million dollars.2. The authority may issue bonds, notes or other obligations to refund   bonds,  notes  or  other  obligations previously issued, but in no event   shall the final maturity of any bonds, notes or other obligations of the   authority be later than December thirty-first, two thousand thirty-nine.   No bond of the authority shall mature more than thirty  years  from  the   date  of  its  issue,  or  after  December  thirty-first,  two  thousand   thirty-nine, whichever date is earlier.3. Bonds, notes or other obligations of the authority may  be  issued,   amortized, redeemed and refunded without regard to the provisions of the   local finance law.4.  The directors may delegate to the chairperson or other director or   officer of the authority the power to set the financial terms of  bonds,   notes or other obligations.5.  The  authority  in  its  sole  discretion shall determine that the   issuance of its bonds, notes or other obligations is appropriate. Bonds,   notes or other obligations shall be  authorized  by  resolution  of  the   authority. Bonds shall bear interest at such fixed or variable rates and   shall  be  in  such  denominations,  be  in  such form, either coupon or   registered, be sold at such public or private sale, be executed in  such   manner,  be  denominated  in  United States currency, be payable in such   medium of payment, at such  place  and  be  subject  to  such  terms  of   redemption  as  the  authority may provide in such resolution. No bonds,   notes or other obligations of the authority may be sold at private  sale   unless such sale and the terms thereof have been approved in writing by:   (a)  the  state  comptroller  where  such  sale  is  not  to  the  state   comptroller; or (b) the director of the budget, where such  sale  is  to   the state comptroller.6.  Any  resolution  or  resolutions authorizing bonds, notes or other   obligations or any issue  of  bonds,  notes  or  other  obligations  may   contain  provisions which may be a part of the contract with the holders   of the bonds, notes or other obligations thereby authorized as  to:  (a)   pledging  all  or  part  of  the authority's revenues, together with any   other moneys, securities or contracts, to  secure  the  payment  of  the   bonds,  notes  or  other  obligations,  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 purposes to which the proceeds from the sale of    bonds, notes or other obligations may be applied; (d) limitations on the   issuance of additional bonds, notes or other obligations, the terms upon   which additional bonds, notes or other obligations  may  be  issued  and   secured  and the refunding of bonds, notes or other obligations; (e) the   procedure, if any, by which the terms of any contract  with  bondholders   may  be  amended  or  abrogated, including the proportion of bondholders   which must consent thereto and the manner in which such consent  may  be   given;  (f)  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 trustee   appointed by the bondholders pursuant  to  section  thirty-nine  hundred   sixty-three  of  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; and (g) defining the acts or   omissions of the authority 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 acts or omissions of the authority to act   which may constitute a default and such rights and remedies shall not be   inconsistent with the general laws of the state and other provisions  of   this title.7.  In  addition  to  the  powers conferred upon the authority in this   section to secure its bonds, notes or other obligations,  the  authority   shall  have  power  in  connection  with the issuance of bonds, notes or   other obligations to enter into such agreements for the benefit  of  the   bondholders as the authority may deem necessary, convenient or desirable   concerning  the  use  or  disposition  of  its revenues or other moneys,   including the entrusting, pledging or creation  of  any  other  security   interest  in  any  such  revenues,  moneys  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 agreements. The authority shall   have power to enter into amendments of any such  agreements  within  the   powers  granted  to  the  authority  by  this  title and to perform such   agreements. The provisions of any such agreements may be made a part  of   the  contract  with  the holders of bonds, notes or other obligations of   the authority.8. Notwithstanding any provision of the uniform commercial code to the   contrary, 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 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 to be valid and binding.9.  Whether  or  not  the  bonds,  notes  or  other obligations of the   authority are of such form and character as to be negotiable instruments   under the terms of the uniform commercial code,  such  bonds,  notes  or   other  obligations  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.10.  Neither  the  directors of the authority nor any person executing   bonds, notes or other obligations shall be liable personally thereon  or   be  subject to any personal liability or accountability solely by reason    of the issuance thereof. The bonds, notes or other  obligations  of  the   authority  shall  not  be  a debt of either the state or the county, and   neither the state nor the county shall be liable thereon, nor shall they   be  payable out of any funds other than those of the authority; and such   bonds, notes or other obligations shall contain on the  face  thereof  a   statement to such effect.11. The authority, subject to such agreements with bondholders as then   may   exist,  shall  have  power  to  purchase  bonds,  notes  or  other   obligations of the authority out of any moneys available therefor, which   shall thereupon be canceled.