NY Pub Auth L § 1958 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 11 - Troy Industrial Development Authority 1958 - Bonds of the Authority.

§  1958. Bonds of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue its negotiable bonds in conformity with applicable provisions of the uniform commercial  code for  any  of its corporate purposes without limitation as to amount. The authority shall have power from time  to  time  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  hereinabove described. The refunding bonds may be exchanged for the bonds to be refunded, with such cash adjustments as may  be  agreed, or  may  be  sold and the proceeds applied to the purchase or payment of the bonds to be refunded. In computing the total amount of bonds of  the authority  which  may  at  any  time  be  outstanding  the amount of the outstanding bonds to be refunded from the proceeds of the  sale  of  new bonds  or  by  exchange  of  new  bonds shall be excluded. Except as may otherwise be expressly provided by the authority,  the  bonds  of  every issue  shall  be general obligations of the authority payable out of any moneys or revenues of the authority, subject only to any agreements with the holders of  particular  bonds  pledging  any  particular  moneys  or revenues.   2.  The  bonds  shall be authorized by resolution of the authority and shall bear such date or dates,  mature  at  such  time  or  times,  bear interest  at  such  rates,  payable  at  such  time or times, be in such denominations, be in such form, either coupon or registered, carry  such registration  privileges,  be  executed  in  such  manner, be payable in lawful money of the United States of America at such place or places and be  subject  to  such  terms  of  redemption,  as  such  resolution   or resolutions may provide. The bonds may be sold at public or private sale for such price or prices as the authority shall determine.   3. Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions, which shall 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 a project or projects to secure the payment of the bonds,  subject  to  such  agreements  with bondholders or the city as may then exist;  (b) the rentals, fees and other charges to be charged, and the amounts to  be  raised  in each year thereby, and the use and disposition of the revenues;  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d) limitations on the right of the authority to restrict and regulate the use of a project;  (e) limitations on the purpose to which the proceeds of  sale  of  any issue  of  bonds  then  or  thereafter  to  be issued may be applied and pledging such proceeds to secure the payment of the bonds or  any  issue of the bonds;  (f)  limitations  on  the issuance of additional bonds; the terms upon which additional bonds may be  issued  and  secured;  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)  limitations  on the amount of moneys derived from a project to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (i) 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 the rights, powers and duties  of  the  trustees  appointed  by  the bondholders  pursuant  to  section  nineteen  hundred sixty-five of this title, and limiting or  abrogating  the  right  of  the  bondholders  to appoint  a trustee under said section or limiting the rights, duties and powers of trustee; and  (j) any other matters, of like or different character,  which  in  any way affect the security or protection of the bonds.