NY Pub Auth L § 1945 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 10-B - Upper Mohawk Valley Memorial Auditorium Authority 1945 - Bonds of the Authority.

§  1945. Bonds of the authority. 1. The authority shall have the power and is hereby authorized from time to time  to  issue  bonds,  notes  or other  obligations  to  pay the costs of the auditorium or for any other corporate purpose, including the establishment of reserves to secure the bonds, the payment of principal of, premium, if any, and interest on the bonds and the payment of incidental expenses  in  connection  therewith. The aggregate principal amount of such bonds, notes or other obligations shall  not  exceed fifty million dollars ($50,000,000), excluding bonds, notes or other obligations issued to refund or  otherwise  repay  bonds, notes  or  other  obligations  theretofore  issued  for  such  purposes; provided, however, that upon any such refunding or repayment  the  total aggregate   principal  amount  of  outstanding  bonds,  notes  or  other obligations may be greater than fifty million dollars ($50,000,000) only if the present value of the aggregate debt service of the  refunding  or repayment  bonds,  notes  or  other  obligations  to be issued shall not exceed the present value of the aggregate debt  service  of  the  bonds, notes  or  other  obligations  so to be refunded or repaid. For purposes hereof, the  present  values  of  the  aggregate  debt  service  of  the refunding  or  repayment  bonds,  notes  or other obligations and of the aggregate debt service of the  bonds,  notes  or  other  obligations  so refunded  or  repaid,  shall  be  calculated  by utilizing the effective interest rate of the  refunding  or  repayment  bonds,  notes  or  other obligations,  which  shall  be  that  rate  arrived  at  by doubling the semi-annual  interest  rate  (compounded  semi-annually)  necessary   to discount  the debt service payments on the refunding or repayment bonds, notes or other obligations from the payment dates thereof to the date of issue of the refunding or repayment bonds, notes  or  other  obligations and  to  the  price bid including estimated accrued interest or proceeds received by the authority including estimated accrued interest from  the sale thereof. 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.   2.  The authority shall have power from time to time to renew bonds or to issue renewal bonds for such purpose, to issue bonds  to  pay  bonds, and,  whenever  it  deems refunding expedient, to refund any bond 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 of the  authority.  Bonds  (other than  notes  or  other  evidence  of  indebtedness) issued for refunding purposes, which have a final maturity date longer than the  maturity  of the  bonds  being  refunded,  shall  be  approved by a resolution of the county legislature adopted by a majority vote and approved by the county executive. Bonds issued for refunding purposes shall  be  sold  and  the proceeds  applied to the purchase, redemption or payment of the bonds or notes to be refunded.   3. 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 as to priority only to any agreements with the holders of outstanding bonds pledging any particular property, revenues or moneys. 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.    4. 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  forty  years  from the date of original issuance of any such bonds.   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, Sundays 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 in pursuance of 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.   Notwithstanding the provisions of the preceding paragraph, 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 for each private or public bond sale  conducted  pursuant  to  a  request  for  proposal   process   and consideration  of  proposals  from  qualified  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.   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.   No private or  public  bond  sale  on  a  negotiated  basis  shall  be conducted   by  the  authority  without  prior  approval  of  the  state comptroller and the county 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.   The  authority shall annually submit its bond sale report to the state comptroller and the county comptroller and copies thereof to the  senate finance committee and the assembly ways and means committee.   The  authority  shall  make available to the public copies of its bond sale report upon reasonable request thereof.   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.   5.  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 part of the revenues, 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 bond holders 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 auditorium 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 bond holders 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  monies may be deposited;  (i) the terms and provisions of any trust, mortgage, deed or indenture securing the bonds under which the bond 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 bond holders to appoint a trustee 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 bond holders and providing for the rights and remedies of the bond holders in the event of such default, including as a matter of right 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 the auditorium or any part thereof;  (m)  limitations  on  the  amount  of  revenues and other monies to be expended  for  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 bondholders.   6.  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  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. 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.   7. 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.   8. 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.   9.  Neither  the members 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.   10. 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, which shall thereupon be cancelled,  at a  price  not  exceeding  (a)  if  the  bonds  are  then redeemable, the redemption price then applicable  plus  accrued  interest  to  the  next interest  payment date, or (b) 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 cancelled.