NY Pub Auth L § 2437-A (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 18 - State of New York Municipal Bond Bank Agency Act 2437-A - Tax Lien Collateralized Securities.

§  2437-a.  Tax  lien collateralized securities. (1) The agency or its tax lien entity shall have the power and is hereby authorized from  time to  time  to  issue  its  tax  lien  collateralized  securities  in such principal amounts as, in the opinion of the agency, shall  be  necessary to  provide  sufficient  funds  for  the  purchase  of tax liens, or the refunding of outstanding securities  of  the  agency  or  its  tax  lien entity, establishment of reserves to secure such tax lien collateralized securities, payment of letter of credit, bond insurance and other credit and  liquidity  support  facility  fees,  premiums,  reimbursements  and expenses, fees and expenses of trustees  and  paying  agents  and  other financing  costs  including  any  accrued  costs payable to the New York state housing finance agency pursuant to any contract entered into under subdivision twelve of section twenty-four hundred  thirty-four  of  this title  and  all  other expenditures of the agency or its tax lien entity incident to and necessary or convenient to the purchase of municipal tax liens.  (2) Except as may otherwise be expressly provided by the  agency,  all tax  lien collateralized securities issued by the agency or its tax lien entity shall be special limited obligations of the  agency  or  its  tax lien  entity payable only upon the redemption of the tax liens purchased or the  liquidation  of  the  related  real  estate  parcels  and  other collateral  or  credit  enhancement  agreements  pledged  to secure such obligations, subject to any agreements pledging any  particular  moneys, assets  or  revenues, all as may be designated in the proceedings of the agency under which said tax  lien  collateralized  securities  shall  be authorized to be issued.  (3)  Tax  lien  collateralized  securities  shall  be  authorized by a resolution or resolutions of the agency  adopted  as  provided  by  this title;  provided,  however,  that  any  such  resolution authorizing the issuance of such securities may delegate to an officer of the agency the power to issue such securities from time to time and to fix the  details of  any  such  issues  of  tax  lien  collateralized  securities  by  an appropriate certificate of such authorized officer.  (4) Tax lien collateralized securities shall bear such date or  dates, shall  mature at such time or times, shall bear interest at such rate or rates, shall be of such denominations, shall be in such form, 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 within or without the state, be subject  to  such  terms  of  redemption prior  to  maturity and have such other terms as may be provided by such resolution or resolutions or  such  certificate  with  respect  to  such securities, as the case may be.  (5) Any tax lien collateralized security of the agency or its tax lien entity  may be sold at public or private sale and from time to time upon such terms and at such prices as may be determined by  the  agency,  and the  agency  may pay all expenses, premiums and commissions which it may deem necessary or advantageous in connection with the issuance and  sale thereof.  (6) Whether or not tax lien collateralized securities are of such form and  character  as  to  be negotiable instruments under the terms of the uniform commercial code, tax lien collateralized securities  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 tax lien collateralized securities for registration.  (7)   Any   resolution   or   resolutions  authorizing  any  tax  lien collateralized securities of the agency or of its tax  lien  entity  may contain  provisions which may be a part of the contract with the holders of securities, as to: (i) pledging or creating a  lien,  to  the  extent  provided  by  such  resolution or resolutions, on all or any part of any moneys or assets of the agency and its tax lien entity or of any  moneys held in trust or otherwise by others for the payment of such securities; (ii)   otherwise   providing  for  the  custody,  collection,  securing, investment and payment of any moneys of the agency;  (iii)  the  setting aside  of  reserves  or  sinking funds and the regulation or disposition thereof; (iv) limitations on the purpose to which the proceeds  of  sale of  any  issue  of  securities  then  or  thereafter to be issued may be applied; (v) limitations on the issuance of additional  securities,  the terms  upon  which  additional securities may be issued and secured, and upon  the  refunding  of  outstanding  or  other  securities;  (vi)  the procedure,  if  any, by which the terms of any contract with the holders of such securities may be amended  or  abrogated,  the  amount  of  such securities  the  holders of which must consent thereto and the manner in which such consent may be given; (vii) the  creation  of  special  funds into  which any moneys of the agency may be deposited; (viii) vesting in a trustee or trustees such properties,  rights,  powers  and  duties  in trust  as  the agency may determine; (ix) defining the acts or omissions to act which shall constitute a default in the obligations and duties of the agency and providing for the rights and remedies of the  holders  of such  securities  in the event of such default, providing, however, that such rights and remedies shall not be inconsistent with the general laws of this state and other provisions of this  title;  and  (x)  any  other matters  of  like  or  different  character, which in any way affect the security and protection of the tax lien  collateralized  securities  and the rights of the holders thereof.  (8)  Any  resolution  or  resolutions or trust indenture or indentures under which tax lien collateralized securities of the agency or its  tax lien  entity  are  authorized  to  be  issued may contain provisions for vesting in a trustee or trustees such  properties,  rights,  powers  and duties in trust as the agency may determine.  (9)  It  is  the  intention  of the legislature that any pledge of tax liens, earnings, revenues, other moneys or assets made by the agency  or its  tax  lien  entity shall be valid and binding from the time when the pledge is made; that the tax liens, earnings, revenues, other moneys  or assets  so pledged and thereafter received by the agency or its tax lien entity 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 agency or its tax lien entity irrespective of whether  such  parties  have  notice thereof.    Neither  the  resolution nor any other instrument by which a pledge is created need be recorded.  (10) Neither the members of the agency nor any  person  executing  the tax lien collateralized securities shall be liable personally on the tax lien  collateralized  securities or be subject to any personal liability or accountability by reason of the issuance thereof.