NY Pub Auth L § 1475-I (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 4 - Syracuse Parking Authority 1475-I - Bonds or Notes of the Authority.

§ 1475-i. Bonds or notes 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 conformity with applicable  provisions  of the  uniform  commercial  code  to  pay  the  cost  of  any project, 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 fifty million dollars, excluding bonds, notes or other obligations  issued  to refund  or  repay  bonds, notes or other obligations therefor 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  three  million  dollars, only if the present value of the aggregate debt service of the refunding or repayment of 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 the  purpose of  this section, the present value of the aggregate debt service of the refunding or  repayment  bonds,  notes  or  other  obligations  and  the aggregate debt service of the bonds, notes or other obligations refunded or  repaid  shall be calculated by utilizing the effective interest rate of the refunding or repayment of  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  of  bonds,  notes  or  other obligations  from  payment  of dates thereof to the date of issue of the refunding or repayment of bonds, notes or other obligations and  to  the price  bid  including  estimated accrued interest from the sale thereof. The authority shall have the 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  to  any bonds.   2. The authority shall have the 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  purpose of the authority. 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  monies  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  monies.  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. 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, Sunday 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, 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 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  pursuant  to  such  advertisements, and in the event of such rejection, the authority is authorized to negotiate a private or  public sale  or  readvertise for bids in the form and manner above described as many times as, in its judgment, may be necessary to effect  satisfactory sale.  (c)   Notwithstanding   the   provisions  of  paragraph  (b)  of  this subdivision, 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. 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 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.  (d) 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.  (e) No private of public bond sale on  a  negotiated  basis  shall  be conducted   by  the  authority  without  prior  approval  of  the  state comptroller. 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.  (f)  The  authority  shall annually submit its bond sale report to the state comptroller and copies thereof to the senate finance committee and the assembly ways and means committee.  (g) The authority shall make available to the  public  copies  of  its bond sale report upon reasonable request thereof.  (h)  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 by the authority 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  part  of the revenues, together with any other monies 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, including the proportion of bondholders 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 monies 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 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 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 or other property;  (m)  Limitations  on  the  amount  of  revenues and other monies to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (n) The payment of the proceeds of bonds, revenues and other monies 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 the bondholders.   6.  In  addition  to the powers herein conferred upon the authority to secure its bonds, the authority shall have the 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 monies or property, including  the  mortgaging  of any  property  and  the  entrusting,  pledging  or creation of any other security interest in any such revenues, monies 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 within the powers granted to the authority by this title  and  to  perform  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, monies, 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 of the authority 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  nor  the  officers 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, in lieu of redemption, at a  price  not exceeding,  if  the bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date,  or, 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 canceled.   11.  The  authority shall have 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  any  such  note,  including renewals  thereof,  shall not exceed two years from the date of issue of such original note.