NY Pub Auth L § 365 (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 9 - New York State Thruway Authority 365 - Notes or Bonds of the Authority.

§  365.  Notes  or  bonds  of  the  authority.  1.  (a) Subject to the provisions of  section  three  hundred  sixty-six  of  this  title,  the authority  shall  have  the  power and is hereby authorized from time to time to  issue  its  negotiable  notes  and  bonds  in  conformity  with applicable  provisions  of the uniform commercial code in such principal amount as, in the opinion  of  the  authority,  shall  be  necessary  to provide  sufficient moneys for achieving the corporate purposes thereof, including construction, reconstruction and improvement  of  the  thruway sections  and  connections,  and  highway  connections herein described, together with suitable facilities and appurtenances, the payment of  all indebtedness to the state, the cost of acquisition of all real property, the  expense  of  maintenance and operation, interest on notes and bonds during  construction   and   for   a   reasonable   period   thereafter, establishment  of  reserves  to  secure  notes  or  bonds, and all other expenditures of the authority incident to and necessary or convenient to carry out its corporate purposes and powers.  (b) The authority shall have power from time to time to issue  renewal notes,  to  issue  bonds  to  pay notes, 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. The refunding bonds shall be sold and the proceeds  applied  to the purchase, redemption or payment of the bonds to be refunded.  (c)  Except  as  may otherwise be expressly provided by the authority, every issue of the notes or bonds shall be general  obligations  payable out  of  any  moneys  or  revenues of the authority, subject only to any agreements with the holders of notes or bonds pledging any  receipts  or revenues.   2. The notes and bonds shall be authorized by resolution of the board, shall  bear  such date or dates and mature at such time or times, in the case of notes and any renewals thereof within  five  years  after  their respective dates and in the case of bonds not exceeding forty years from their  respective  dates, as such resolution or resolutions may provide. The notes and bonds shall 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. Bonds and notes shall be sold by the authority, at public or private sale,  at such  price or prices as the authority may determine. Bonds and notes of the authority shall not be sold by the authority at private sale  unless such  sale  and  the  terms thereof have been approved in writing by the comptroller, where such sale is  not  to  the  comptroller,  or  by  the director of the budget, where such sale is to the comptroller.   3. Any resolution or resolutions authorizing any notes or bonds or any issue  thereof  may  contain  provisions,  which  shall be a part of the contract with the holders thereof, as to  (a) pledging all or any part of  the  fees,  charges,  gifts,  grants, rents, revenues or other moneys received or to be received and leases or agreements  to  secure the payment of the notes or bonds or of any issue thereof subject to such agreements with bondholders as may then exist;  (b) The rates of the fees  or  charges  to  be  established,  and  the amounts to be raised in each year thereby and the use and disposition of the  fees,  charges,  gifts,  grants,  rents,  revenues  or other moneys received or to be received;  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d) limitations on the purpose to which the proceeds of  sale  of  any issue  of  notes or bonds then or thereafter to be issued may be applied and pledging such proceeds to secure the payment of the notes  or  bonds or of any issue thereof;  (e)  limitations  on  the  issuance  of additional notes or bonds; the terms upon which additional notes or bonds may be  issued  and  secured; the refunding of outstanding or other notes or bonds;  (f)  the  procedure,  if  any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated,  the  amount  of notes or bonds the holders of which must consent thereto, and the manner in which such consent may be given;  (g)  limitations  on  the  amount  of  moneys  to  be  expended by the authority  for  operating,  administrative  or  other  expenses  of  the authority;  (h) in the case of notes or bonds not guaranteed by the state, 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  this  title,  and  limiting or abrogating the right of the bondholders to appoint a  trustee  under  this  title  or  limiting  the rights, duties and powers of such trustee;  (i)  the  acquisition  of  jurisdiction  over,  and  of  property for, thruways, and the construction, reconstruction, improvement, maintenance or operation thereof;  (j) any other matters, of like or different character,  which  in  any way affect the security or protection of the notes or bonds.   4.  Whenever  the  authority  pledges  its revenues under a resolution authorized by this section,  such  resolution  shall  not  prohibit  the authority   from   financing  for  additional  corporate  transportation purposes authorized by law secured  by  an  additional  pledge  of  such revenues.  Such  additional pledge of revenues may, in the discretion of the authority, be subordinate to the pledge of  such  revenues  securing other  bonds,  notes or other evidence of indebtedness of the authority. Provided, however, the authority shall  not  make  any  such  additional pledge  if  the  security  of  the  bonds,  notes  or other evidences of indebtedness previously issued will be impaired as a result thereof.   5. It is the intention hereof that any pledge made  by  the  authority shall  be  valid and binding from the time when the pledge is made; that the 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.   6. Neither the members of the board nor any person executing the notes or bonds shall be liable personally on the notes or bonds or be  subject to  any  personal  liability or accountability by reason of the issuance thereof.   7. The authority shall have power out of any funds available  therefor to  purchase  notes  or  bonds, which shall thereupon be cancelled, at a price not exceeding (a) if the notes or bonds are then  redeemable,  the redemption  price  then  applicable  plus  accrued  interest to the next interest payment date thereon, or (b) if the notes or bonds are not then redeemable, the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to said date.