NY Pub Auth L § 1363 (2021)
2021 New York Laws PBA - Public Authorities Article 6 - Port Authorities Title 2 - Port of Oswego Authority 1363 - Bonds of the Authority.

§  1363. Bonds of the authority. 1. The authority shall have power and   is hereby authorized from time to time  to  issue  negotiable  bonds  in   conformity with applicable provisions of the uniform commercial code for   any corporate purpose of the authority, including the paying, funding or   refunding  of  any  notes  theretofore issued by the authority under the   provisions of section one thousand eight  hundred  thirty-nine  of  this   act.  The  authority  shall  have  power from time to time 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 corporate purpose.  Except  as   may  be  otherwise  expressly provided by contract between the authority   and the holders of its bonds,  all  bonds  of  the  authority  shall  be   general  obligations  payable  out  of  any  moneys  or  revenues of the   authority, subject only to any agreements with the holders of particular   bonds the payment of which is secured by a pledge of  particular  moneys   or revenues.2. Such 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,  payable  annually or semi-annually, 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 prior to maturity, at par or a price, as such   resolution or resolutions may provide. Such bonds may be sold,  with  or   without  advertisement,  in such manner as the authority shall determine   by resolution. If advertisement is made,  a  notice  of  sale  shall  be   published  at  least  once,  not  less than ten nor more than forty days   before the date of sale, in a newspaper published and circulated in  the   city  of Oswego and in a financial newspaper published and circulated in   the city of New York and designated by the board. The notice shall  call   for the receipt of sealed bids and shall fix the date, time and place of   sale.  Bonds  shall be sold at such price or prices as will yield to the   purchasers income at a rate set forth in the resolution  or  resolutions   to  the  maturity  dates  of  said  bonds,  computed  in accordance with   standard tables of bond values.3. Any resolutions authorizing the issuance of any 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  gross  or  net  revenues  of  the   authority to secure the payment of the bonds, subject to such agreements   with bondholders as may then exist;b.  The  rentals,  fees and other charges to be charged for the use of   projects of the authority, and the amounts to be  raised  in  each  year   thereby, and the use and disposition of revenues of the authority;c.  The  setting aside of reserves or sinking funds and the regulation   and disposition thereof;d. The appointment of a bank  or  banks  or  trust  company  or  trust   companies  as trustee or trustees for the custody and disposition of any   moneys of the authority, including the proceeds of any  bonds  or  other   obligations  and  any  revenues  or  income  of  the  authority, and the   execution of any trust agreements or indentures  with  such  trustee  or   trustees with such provisions as may be deemed necessary or desirable in   connection  with  the  custody  and  disposition  of  such moneys of the   authority and the rights and remedies of the holders of such bonds;e. Limitations on the right of the authority to restrict and  regulate   the use of projects of the authority; f. Limitations on the purpose to which the proceeds of the sale of any   issue of bonds then or thereafter to be issued may be applied;g.  Limitations  on  the  issuance  of additional bonds, including the   terms upon which additional bonds may be issued and secured.h. 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 give consent thereto, and the manner in which such consent   may be given; andi. Any other matters, of like or different character, which in any way   affect the security or protection of the bonds.4.  Any pledge of revenues or other moneys made by the authority shall   be valid and binding from the time when the pledge is made. The revenues   or other moneys so pledged and  thereafter  received  by  the  authority   shall  be  immediately  subject  to  the lien of such pledge without any   physical delivery thereof or further act. 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.5.  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  by reason of the issuance thereof, excepting solely   for things willfully done or willfully omitted to be done with an intent   to defraud.6. The authority shall have power out of any funds available  therefor   to  purchase  any  of its outstanding bonds at a price not more than the   then redemption price of such bonds. All bonds  so  purchased  shall  be   cancelled.