NY Pub Auth L § 2047-H (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13-D - Dutchess County Resource Recovery Agency 2047-H - Bonds of the Agency.

§  2047-h. Bonds of the agency. 1. The agency shall have the power and is hereby authorized from time to time to  issue  bonds,  in  conformity with  applicable  provisions  of  the  uniform  commercial code, in such principal amounts as it may determine to be necessary to pay the cost of any project or for any other  corporate  purpose,  including  incidental expenses  in  connection  therewith.  The agency shall have 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 of any bonds. The agency shall have power from time to time  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 corporate purpose. Bonds issued by the agency may be general  obligations  secured by  the  faith  and  credit  of the agency or may be special obligations payable solely out of particular revenues or  other  moneys  as  may  be designated  in the proceedings of the agency under which the bonds shall be authorized to be issued  and  subject  to  any  agreements  with  the holders of outstanding bonds pledging any particular revenues or moneys.   2.  Bonds  shall be authorized by resolution of the agency, be in such denominations and bear such date or dates and mature  at  such  time  or times,  as  such  resolution  may  provide,  except  that  notes and any renewals thereof shall mature within five years from  the  date  of  the original  issuance  and  bonds shall mature within thirty years from the date of original issuance of any such bond or note. The bonds and  notes shall be subject to such terms of redemption, bear interest at such rate or  rates  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.  Bonds  may be sold at public or private sale for such price or prices as the agency shall determine. Bonds of the agency shall  not  be sold  by  the  agency  at  private  sale  unless such sale and the terms thereof have been approved in writing by the  state  comptroller,  where such  sale  is  not  to the comptroller, or by the state director of the budget, where such sale is to the comptroller.   3. Any resolution or resolutions authorizing bonds  or  any  issue  of bonds  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 any part of the revenues, other moneys or property of the agency to secure the payment of  the  bonds,  including  but  not limited  to  any  contracts,  earnings  or  proceeds of any grant to the agency received from any private or public source;  (b) The setting aside of reserves and the creation  of  sinking  funds and the regulations 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 agency and the amount to be raised in each year thereby  and  the use and disposition of revenues;  (e)  Limitations  on  the right of the agency 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,  the  amount  of  bonds,  the  holders  of  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 moneys may be deposited;  (i) The terms and provisions of any trust 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 agency may determine which may include any or all of the rights, powers and duties of the  trustee  appointed  by  the bondholders  pursuant  to section two thousand forty-six-i 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;  (k) Defining the acts or omissions  to  act  which  may  constitute  a default  in  the obligations and duties of the agency 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 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  agency to sell or otherwise dispose of any project or any part thereof;  (m) Limitations on the amount of  revenues  and  other  moneys  to  be expended for operating, administrative or other expenses of the agency;  (n) The payment of the proceeds of bonds, revenues and other moneys to a  trustee  or  other  depository,  and  for  the method of disbursement thereof  with  such  safeguards  and  restrictions  as  the  agency  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 bondholders.   4.  In  addition  to  the  powers  herein conferred upon the agency to secure its bonds, the agency shall have power  in  connection  with  the issuance  of  bonds to enter into such agreements as the agency may deem necessary, consistent or desirable concerning the use or disposition  of its  revenues  or  other moneys or property, including the mortgaging of any property and the entrusting,  pledging  or  creation  of  any  other security interest in any such revenues, moneys or property and the doing of  any  act  (including refraining from doing any act) which the agency would have the right to do in the absence of such agreements. The agency shall have power to enter into amendments of any such agreements  within the  powers  granted  to  the  agency  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 of the agency.   5.  Any  provision  of  the  uniform  commercial  code to the contrary notwithstanding, any pledge of or other security interest  in  revenues, moneys, accounts, contract rights, general intangibles or other personal property  made  or  created  by  the  agency 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   agency 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.   6.  Whether  or  not the bonds 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.   7.  Neither  the  members of the agency nor any person executing bonds shall be liable  personally  thereon  or  be  subject  to  any  personal liability or accountability by reason of the issuance thereof.   8. The agency, subject to such agreements with bondholders as then may exist, shall have power out of any moneys available therefor to purchase bonds  of the agency, which shall thereupon be cancelled, at a price not exceeding (i) if the bonds are then  redeemable,  the  redemption  price then  applicable,  plus  accrued  interest  to the next interest payment date, (ii) 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.