NY Pub Auth L § 2675-J (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 28-BB - Albany Convention Center Authority 2675-J - Bonds of the Authorities.

§  2675-j.  Bonds  of  the  authority. 1. The authority shall have the power and is hereby authorized from time to time to issue hotel  revenue bonds.    The  authority  shall further have power from time to time and whenever it deems refunding expedient, to refund any hotel revenue bonds by the issuance of new hotel revenue 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.    Hotel  revenue  bonds  of  the  authority shall be revenue obligations payable from and secured by hotel  revenues  and  state  aid revenues,   as   defined   pursuant   to   section   twenty-six  hundred seventy-five-ii of this title, as the authority determines are available therefor and  upon  such  terms  and  conditions  as  specified  by  the authority in the resolution under which the bonds are issued.   2. 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.   3. (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. Any and all such resolutions  shall require  at  least  six  affirmative votes of the board for passage. Any such  resolution  may  delegate  to  an  officer  or  committee  of  the authority,  and any such committee may delegate to an officer, the power to issue such bonds from time to time and to fix the details of any such issues of  bonds  by  an  appropriate  certificate  of  such  authorized officer.  (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 or 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 director of the budget, 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.   4.  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 acts or omissions 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;  (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   or   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.   5. 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.   6. 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.   7.  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.   8.  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.   9.  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.   10. 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 in accordance with section 21.00 of the local finance law, as amended from time to time.