NY Pub Auth L § 1599-I (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 14 - City of Binghamton Parking Authority 1599-I - Bonds of the Authority.

* §  1599-i.  Bonds  of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue its negotiable bonds for any purpose mentioned in section fifteen hundred ninety-nine-d of this title, including the acquisition,  construction,  reconstruction and  repair  of  personal  and  real property of all kinds deemed by the board to be necessary or desirable to carry out such purpose, as well as to pay such expenses  as  may  be  deemed  by  the  board  necessary  or desirable  to  the financing thereof and placing the project or projects in operation in the aggregate principal amount of not  exceeding  twenty million  dollars  outstanding  at any one time. The authority shall have power from time to time and whenever it deems  refunding  expedient,  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 purpose hereinabove described. The refunding bonds may be exchanged  for  the  bonds  to  be refunded with such cash adjustments as may be agreed, or may be sold and the  proceeds  applied  to  the  purchase  or payment of the bonds to be refunded. In computing the total amount of bonds of the authority  which may at any time be outstanding the amount of the outstanding bonds to be refunded  from  the proceeds of the sale of new bonds or by exchange for new bonds shall be excluded; provided, however, that bonds issued or  to be  issued  shall  be  excluded  from  such limitation if such bonds are issued to refund bonds of the authority issued in connection  with  such purposes  and  the  present  value  of the aggregate debt service on the refunding bonds does not exceed the present value of the aggregate  debt service  on the bonds refunded thereby. For purposes hereof, the present value of the aggregate debt service  of  the  refunding  bonds  and  the aggregate  debt  service  of  the bonds refunded, shall be calculated by utilizing the true interest cost of the refunding bonds, which shall  be that   rate  arrived  at  by  doubling  the  semi-annual  interest  rate (compounded  semi-annually)  necessary  to  discount  the  debt  service payments  on  the  refunding bonds from the payment dates thereof to the date of issue of the refunding  bonds  to  the  purchase  price  of  the refunding  bonds,  including  interest  accrued  thereon  prior  to  the issuance thereof. Except as may otherwise be expressly provided  by  the authority,  the bonds of every issue shall be general obligations of the authority payable out of  any  moneys  or  revenues  of  the  authority, subject  only  to  any  agreements  with the holders of particular bonds pledging any particular moneys or revenues. Whether or not the bonds are of such form and character as to be  negotiable  instruments  under  the terms of the general obligations law (constituting chapter twenty-four-a of  the  consolidated  laws)  the  bonds  shall  be  and are hereby made negotiable instruments within the meaning of and for all the purposes of the general obligations law, subject only to the provisions of the bonds for registration.   2. The bonds shall be authorized by resolution of the board and  shall bear  such  date  or  dates, mature at such time or times, not exceeding twenty years from their respective dates, bear interest at such rate  or rates, not exceeding the rate of interest prescribed for serial bonds by the local finance law, 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,  as such  resolution  or  resolutions  may provide. The bonds may be sold at public or private sale for such price or prices as the  authority  shall determine,  but  which shall not at the time of sale yield more than the rate of interest prescribed for serial bonds by the local finance law.    3. Any resolution or resolutions authorizing any bonds or any issue of 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 revenues of a project or projects 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, and the amounts to  be  raised  in each year thereby, and the use and disposition of the revenues;  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d) limitations on the right of the authority to restrict and regulate the use of a project;  (e) limitations on the purpose to which the proceeds of  sale  of  any issue  of  bonds  then  or  thereafter  to  be issued may be applied and pledging such proceeds to secure the payment of  the  bonds  or  of  any issue of the bonds;  (f)  limitations  on  the issuance of additional bonds; the terms upon which additional bonds may be  issued  and  secured;  the  refunding  of outstanding or other bonds;  (g)  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 consent thereto, and the manner in which such consent  may be given;  (h)  limitations  on the amount of moneys derived from a project to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (i) vesting in a trustee or trustees such property, rights, powers and duties  in trust as the authority may determine which may include any or all of the rights, powers and duties of the  trustee  appointed  by  the bondholders  pursuant  to  section fifteen hundred ninety-nine-o of this title hereof, and limiting or abrogating the right of the bondholders to appoint a trustee under said section or limiting the rights, duties  and powers of such trustee;  (j)  any  other  matters, of like or different character, which in any way affect the security or protection of the bonds.   4. It is the intention hereof that any pledge  of  revenues  or  other moneys  made  by  the authority shall be valid and binding from the time when the pledge is made; that the 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.   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 or accountability by reason of the issuance thereof.   6.  The authority shall have power out of any funds available therefor to purchase bonds. The authority may hold, cancel or resell such  bonds, subject to and in accordance with agreements with bondholders.   7.  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  construction,  maintenance,  operation,  repair  and insurance of the project or projects, and the custody, safeguarding  and application  of all moneys, and may provide that the project or projects shall be constructed and paid for under the supervision and approval  of consulting  engineers. Notwithstanding the provisions of section fifteen hundred ninety-nine-h of this title, the authority may provide  by  such trust  indenture  for  the  payment of the proceeds of the bonds and the revenues of the project or projects 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 or  projects.  If  the  bonds shall be secured by a trust indenture, the bondholders shall have no authority to appoint  a  separate  trustee  to represent  them,  and  the trustee under such trust indenture shall have and possess all of the powers which are  conferred  by  section  fifteen hundred  ninety-nine-o  of  this  title  upon  a  trustee  appointed  by bondholders.   * NB Authority ceased to exist 12/31/99   * NB There are 4 § 1599-i's