NY Not for Profit Corp L § 1611 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 16 - Land Banks 1611 - Borrowing and Issuance of Bonds.

§ 1611. Borrowing and issuance of bonds.  (a)  A  land  bank  shall  have  power  to  issue bonds for any of its corporate purposes, the principal and interest of which are payable from its revenues generally. Any of such bonds may be secured by a pledge  of any  revenues,  including  grants or contributions from the state of New York,  the  federal  government,  or  any  agency,  and  instrumentality thereof, or by a mortgage of any property of the land bank.  (b)  The  bonds  issued by a land bank are hereby declared to have all the qualities of negotiable instruments under New York state law.  (c) The bonds of a land bank created  under  the  provisions  of  this article  and  the  income  therefrom  shall  at  all  times be free from taxation for the state of New York or local purposes under any provision of New York law.  (d) Bonds issued by the land bank shall be authorized by resolution of the board and shall  be  limited  obligations  of  the  land  bank;  the principal  and  interest,  costs of issuance, and other costs incidental thereto shall be payable solely from the income and revenue derived from the sale, lease, or other disposition of the assets of the land bank. In the discretion of the land bank, the bonds may be  additionally  secured by mortgage or other security device covering all or part of the project from  which  the revenues so pledged may be derived. Any refunding bonds issued shall be payable from any source  described  above  or  from  the investment  of  any of the proceeds of the refunding bonds and shall not constitute an indebtedness or  pledge  of  the  general  credit  of  any foreclosing  governmental unit or municipality within the meaning of any constitutional or statutory limitation of indebtedness and shall contain a recital to that effect. Bonds of the land bank shall be issued in such form, shall be in such denominations, shall bear interest, shall  mature in  such  manner, and be executed by one or more members of the board as provided in the resolution authorizing the issuance thereof. Such  bonds may  be  subject  to  redemption  at  the  option  of  and in the manner determined by the board  in  the  resolution  authorizing  the  issuance thereof.  (e) Bonds issued by the land bank shall be issued, sold, and delivered in  accordance  with the terms and provisions of a resolution adopted by the board. The board may sell such  bonds  in  such  manner,  either  at public  or at private sale, and for such price as it may determine to be in the best interests of the land bank.  The  resolution  issuing  bonds shall  be  published  in  a  newspaper of general circulation within the jurisdiction of the land bank and posted prominently and continuously on the homepage of any website maintained by the land bank.  (f) Neither the members of a land bank nor any  person  executing  the bonds  shall  be  liable  personally  on any such bonds by reason of the issuance thereof. Such bonds or other obligations of a land  bank  shall not be a debt of any municipality or of the state of New York, and shall so  state  on their face, nor shall any municipality or the state of New York nor any revenues or any property of  any  municipality  or  of  the state of New York be liable therefor.