NY Pub Auth L § 1199-H (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 8-D - Rensselaer County Water and Sewer Authority 1199-H - Bonds of the Authority.

§  1199-h.  Bonds  of  the  authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds 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 authority 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 authority 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  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 moneys as may be designated in the proceedings of  the  authority  under which  the  bonds  shall be authorized to be issued, subject only to any agreements with the holders of outstanding bonds pledging any particular revenues, earnings, or moneys.   2. The authority is authorized to obtain from any department or agency of the United States of America or  the  state  or  any  nongovernmental insurer or financial institution any insurance, guaranty or other credit support  device, to the extent now or hereafter available, as to, or for the payment or repayment of interest or principal, or both, or any  part thereof,  on  any  bonds  issued  by the authority and to enter into any agreement or contract with respect to any such  insurance  or  guaranty, except  to the extent that the same would in any way impair or interfere with the ability of the authority to perform and fulfill  the  terms  of any  agreement  made  with  the  holders  of  outstanding  bonds  of the authority.   3. Bonds shall be authorized by resolution of  the  authority,  be  in such  denominations,  bear such date or dates and mature at such time or times as such resolution may provide, except that bonds and any renewals thereof shall mature within  forty  years  from  the  date  of  original issuance of any such bonds. Obligations with a maturity of five years or less  from  the  date  of  their  original issuance may be designated as notes. Bonds shall be subject to such terms of redemption, bear interest at such rate or rates per annum payable at such times, be in such  form, 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  authority shall determine, provided that no bonds of the authority, other than obligations designated as notes, may 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 be to such comptroller, or by the state director of  the  budget,  where  such sale  is  to  be to the comptroller. The authority may pay all expenses, premiums and commissions which it may deem necessary or advantageous  in connection with the issuance and sale of bonds.   4.  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 of the authority, together with any other moneys or property of the  authority  to  secure the  payment  of  the bonds, including but not limited to any contracts, earnings or proceeds of any grant to the  authority  received  from  any private or public source;  (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, 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, mortgage 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 trustee appointed by  the bondholders  pursuant  to section one thousand one hundred ninety-nine-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  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 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;  (m) limitations on the amount of  revenues  and  other  moneys  to  be expended   for  operating,  administrative  or  other  expenses  of  the authority;  (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 authority may determine; and  (o) any other matters of like or different character which may in  any way  affect  the  security  or protection of the bonds or the rights and remedies of bondholders.   5. In addition to the powers herein conferred upon  the  authority  to secure  its bonds, the authority shall have power in connection with the issuance of bonds to enter into such agreements  as  the  authority  may deem   necessary,   convenient   or  desirable  concerning  the  use  or disposition of its revenues or other moneys or property,  including  the mortgaging  of  any  of  its  properties and the entrusting, pledging or creation of any other security interest in any such revenues, moneys  or properties 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 of the authority.   6.  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 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 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 of the authority 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.   9.  The authority, subject to such agreements with bondholders as then may exist, shall have power out of  any  moneys  available  therefor  to purchase bonds of the authority, which shall thereupon be cancelled.