NY Pub Auth L § 1433 (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 2 - White Plains Parking Authority 1433 - Bonds of the Authority.

§  1433. Bonds of the authority. 1. The authority shall have the power and is hereby authorized from  time  to  time  to  issue  its  bonds  in conformity  with applicable provisions of the uniform commercial code in such principal amounts as may be  determined  by  the  authority  to  be necessary  to  pay  all  or part of the cost of any project or any other corporate purpose. 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 corporate  purpose.  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. 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.   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 thirty  years from their respective dates, 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 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 private  sale  subject  to the approval of the state comptroller or at a public sale for such price or prices as the authority shall determine.   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 derived by the  authority from the ownership or operation of, or otherwise in connection with, any project  or  projects or any part or parts thereof to secure the payment of the bonds, or of any issue thereof, subject to such  agreements  with bondholders as may then exist;  (b)  the rates, rentals, fees and other charges to be charged, and the amounts to be raised in each year thereby, and the use  and  disposition of revenues;  (c)  the  creation and 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 one thousand four hundred thirty-nine 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 security instrument by which a pledge is created need be recorded or filed.   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  one thousand  four  hundred  thirty-two,  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 one thousand  four  hundred  thirty-nine  upon  a   trustee   appointed   by bondholders.