NY Rac, Pari-Mut Wag & Breeding L § 508 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 5 - Regional Off-Track Betting Corporations 508 - Issuance of Bonds and Notes by a Corporation.

§  508.  Issuance  of  bonds  and  notes  by  a corporation.   1. Each   corporation shall have the power and is hereby authorized, from time  to   time,  to  issue  negotiable bonds and notes in such aggregate principal   amounts as shall, in  the  opinion  of  the  corporation,  be  necessary   together  with  such  other  moneys  or funds as may be available to the   corporation, to provide funds sufficient to enable  the  corporation  to   carry   out   its   corporate   purposes,   including  the  acquisition,   construction, maintenance and repair of personal and real property,  the   payment  of interest on and amortization of or payment of such bonds and   notes, the establishment of reserves or sinking  funds  to  secure  such   bonds  and notes, and all other expenditures of the corporation incident   to and necessary or desirable for the  carrying  out  of  its  corporate   purposes  and  the  exercise  of  its powers. Except as may otherwise be   expressly provided by the corporation, every  issue  of  its  bonds  and   notes shall be general obligations of the corporation payable out of any   revenues  or  moneys  of the corporation, subject only to any agreements   with the holders of particular bonds or notes  pledging  any  particular   revenues  or  moneys. Whether or not the bonds or notes are of such form   and character as to be negotiable instruments under  the  provisions  of   article  eight of the uniform commercial code, the bonds and notes shall   be and are hereby made negotiable instruments within the meaning of  and   for  all  purposes  of  article  eight  of  the uniform commercial code,   subject only to the provisions of the bonds or notes for registration.2. The corporation shall have the power and is hereby authorized, from   time to time, to issue renewal notes, and to refund  any  bonds  by  the   issuance of new bonds, whether the bonds to be refunded have or have not   matured,  and to issue bonds to pay notes or partly to refund bonds then   outstanding.3. The said bonds and notes  shall  be  authorized  by  resolution  or   resolutions  of  the  board  of  directors  and  shall  mature  as  such   resolution or resolutions  may  provide.  Bonds  and  notes  shall  bear   interest  at  such  rate  or rates, be in such denominations, 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 of redemption as such   resolution or resolutions may provide. Bonds and notes may  be  sold  by   the corporation at public or private sale at such price or prices as the   corporation  shall  determine;  provided, however, that no such bonds or   notes may be sold at a private  sale  unless  the  sale  and  the  terms   thereof have been approved by the comptroller in writing.4.  Any  resolution  or resolutions authorizing any bonds or notes may   contain provisions, which shall be a part of the contract  or  contracts   with the holders thereof, as to:a.  Pledging all or any part of the moneys or revenues or other assets   of the corporation to secure the payment of such bonds or notes;b. The setting aside of reserves or sinking funds and  the  regulation   or disposition thereof;c.  Limitations  on  the purposes to which the proceeds of the sale of   any issue of bonds or notes then or  thereafter  to  be  issued  may  be   applied and pledging such proceeds to secure the payment of the bonds or   notes or any issue thereof;d. Limitations on the issuance of additional bonds or notes; the terms   upon which such additional bonds or notes may be issued and secured; the   refunding of outstanding bonds or notes;e. The procedures, if any, by which the terms of any contract with the   holders  of  bonds  or notes may be extended or abrogated, the amount of   bonds or notes the holders of which must consent thereto and the  manner   in which such consent may be given; f.  The creation of special funds into which any moneys or revenues of   the corporation may be deposited;g.  Limitations  on  the  amounts  that the corporation may expend for   administrative or other expenses thereof;h. Vesting in a trustee such properties, rights, powers and duties  in   trust  as  the corporation may determine which may include any or all of   the rights, powers and duties of the trustees appointed by  the  holders   of  the  bonds  or notes pursuant to section five hundred twelve of this   article and limiting or abrogating the right of the holders of the bonds   or notes to appoint a trustee under such section of limiting the rights,   duties and powers of such trustee;i. Defining the acts or omissions to  act  which  shall  constitute  a   default  in the obligations and duties of the corporation to the holders   of the bonds or notes and providing for the rights and remedies  of  the   holders of the bonds or notes 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 the other provisions of this article; andj.  Any  other  matters of like or different character that in any way   affect the security or protection of the holders of the bonds or notes.5. Any pledge of revenues, moneys or property made by the  corporation   shall  be  valid  and binding from the time when the pledge is made; the   revenues, moneys or property so pledged and thereafter received  by  the   corporation  shall  immediately  be  subject  to the lien of such pledge   without any physical delivery thereof or further act, and  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   corporation irrespective of whether such parties  have  notice  thereof.   Neither  the resolution or resolutions nor any other instrument by which   a pledge is created need be recorded.6. Neither the directors of  the  corporation  nor  any  other  person   executing such bonds or notes shall be subject to any personal liability   or accountability by reason of the issuance thereof.7.  The  corporation,  subject  to such agreements with the holders of   bonds or notes as may then exist, shall have the power out of any  funds   available  therefor  to  purchase  any  bonds or notes issued by it at a   price not exceeding the redemption price thereof, which price shall be:a. If the bonds or notes are then  redeemable,  the  redemption  price   then  applicable plus accrued interest to the next interest payment date   thereon; orb. If the bonds or notes are not then redeemable, the redemption price   applicable on the first date after such purchase  upon  which  bonds  or   notes  become  subject to redemption plus accrued interest to such date.   All bonds or notes so purchased shall be cancelled.