NY Pub Auth L § 1599-III (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 16 - Village of Mount Kisco Parking Authority 1599-III - Bonds of the Authority.

* § 1599-iii. Bonds of the authority. (a) 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   purpose   mentioned   in   section   fifteen  hundred ninety-nine-ddd  hereof,  including   the   acquisition,   construction, reconstruction  and  repair  of  personal and real property of all kinds deemed by the board to be necessary  or  desirable  to  carry  out  such purposes,  as well as to pay such expenses as may be deemed by the board necessary or desirable to the financing thereof and placing the  project or  projects  in  operation  in  the  aggregate  principal amount of not exceeding twenty-five per cent of  the  bonded  indebtedness  limitation from  time  to  time  imposed by section 104.00 of the local finance law upon bonded indebtedness of the village outstanding at any one time. 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  for  new bonds shall be excluded. Except as may otherwise be 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.  (b) The bonds shall be authorized by resolution of the board and shall bear  such  date  or  dates, mature at such time or times, not exceeding thirty years from their respective dates, bear interest at such rate  or rates,  not  exceeding  six  per  centum  per  annum payable annually or semiannually, 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,  but which shall not at the time of sale yield more than five per centum per annum.  (c) 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  (1) 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 as may then exist;  (2) 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;  (3) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (4) limitations on the right of the authority to restrict and regulate the use of a project;  (5)  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 of any issue of the bonds;  (6) 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;  (7)  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;  (8)  limitations  on the amount of moneys derived from a project to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (9) 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 fifteen hundred ninety-nine-ppp hereof, and limiting or abrogating the right of the  bondholders  to  appoint  a trustee  under said section or limiting the rights, duties and powers of such trustee;  (10) any other matters, of like or different character, which  in  any way affect the security or protection of the bonds.  (d)  It  is  the intention hereof that any pledge of revenues or other moneys made by the authority shall be valid and binding  from  the  time when  the  pledge  is made; that the revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and that the lien of any such pledge shall be valid and binding  as against  all  parties  having  claims,  of any kind in tort, contract or otherwise against the authority irrespective  of  whether  such  parties have  notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.  (e) Neither the members of the authority nor any person executing  the bonds  shall  be  liable  personally  on  the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.  (f) The authority shall have power out of any funds available therefor to purchase bonds. The authority may hold, cancel or resell such  bonds, subject to and in accordance with agreements with bondholders.  (g)  In the discretion of the authority, the bonds may be secured by a trust indenture by and between the authority and  a  corporate  trustee, which  may  be  any  trust  company or bank having the powers of a trust company in the state of New York. Such trust indenture may contain  such provisions  for  protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants  setting  forth  the  duties  of  the  authority  in relation   to  the  construction,  maintenance,  operation,  repair  and insurance of the project or projects and the custody,  safeguarding  and application  of all moneys, and may provide that the project or projects shall be constructed and paid for under the supervision and approval  of consulting  engineers. Notwithstanding the provisions of section fifteen hundred ninety-nine-hhh of this title the authority may provide by  such trust  indenture  for  the  payment of the proceeds of the bonds and the revenues of the project or projects to  the  trustee  under  such  trust indenture  or  other  depository,  and  for  the  method of disbursement thereof, with such safeguards and restrictions as it may determine.  All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation, and repairs of the project or  projects.  If  the  bonds shall be secured by a trust indenture, the bondholders shall have no authority to appoint  a  separate  trustee  to represent  them,  and  the trustee under such trust indenture shall have  and possess all of the powers which are  conferred  by  section  fifteen hundred ninety-nine-ppp upon a trustee appointed by bondholders.   * NB Authority ceased to exist 06/01/1976   * NB There are 2 § 1599-iii's