NY Pub Auth L § 2469 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 19 - New York State Sports Authority 2469 - Security for Bonds or Notes; Construction and Acquisition of Sports Facilities.

* § 2469. Security for bonds or notes; construction and acquisition of   sports  facilities.  1.  The  principal  of and interest on any bonds or   notes issued by the authority may be secured by a pledge of any revenues   and receipts of the authority and may be secured by  a  lease  or  other   instrument  covering all or any part of a sports facility, including any   additions, improvements, extensions to or  enlargements  of  any  sports   facilities thereafter made.2.   Bonds   or   notes  issued  for  the  acquisition,  construction,   reconstruction,  construction  of  additions  to,   rehabilitation,   or   improvement of a sports facility may also be secured by an assignment of   any  lease  of such sports facility and by an assignment of the revenues   and receipts derived by the authority from any such lease.3. Each pledge, agreement, mortgage or other instrument made  for  the   benefit  or security of any of the bonds or notes of the authority shall   continue effective until the principal of and interest on the  bonds  or   notes  for the benefit of which the same were made shall have been fully   paid, or until provisions shall have been made for such payment  in  the   manner  provided  in  the resolution or resolutions under which the same   may be authorized.4. The authority may provide in any proceedings under which  bonds  or   notes  may be authorized that any sports facility or part thereof may be   constructed, reconstructed, rehabilitated or improved by the  authority,   or  any  participating  municipality,  and  may  also  provide  in  such   proceedings for the time and manner of and requisites for  disbursements   to  be  made  for  the  cost  of  such  construction,  and  for all such   certificates and approvals of  construction  and  disbursements  as  the   authority shall deem necessary and provide for in such proceedings.5.  Any  pledge  of  earnings,  revenues  or  other moneys made by the   authority shall be valid and binding from the time when  the  pledge  is   made;  that  the  earnings,  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.6.  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 acquisition, construction, reconstruction, construction   of additions to, improvement and maintenance and operation,  repair  and   insurance  of  the  sports facilities, and the custody, safeguarding and   application of all moneys. The  authority  may  provide  by  such  trust   indenture  for the payment of the proceeds of the bonds and the revenues   of the project 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. If the  bonds   shall  be  secured  by  a  trust indenture the bondholders shall have no   authority to appoint a separate trustee to represent them.* NB (Disbanded March, 1980)