NY Pub Auth L § 1199-II-2 (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 8-E* - Orange County Water Authority 1199-II*2 - Bonds of the Authority.

* §  1199-ii.  Bonds of the authority. 1. The authority shall have the power and is hereby authorized from time  to  time  to  issue  bonds  in conformance  with  the  applicable  provisions of the uniform commercial code in such principal amounts as it may determine to  be  necessary  to pay  the  cost  of  any  project  or  for  any  other corporate purpose, including incidental expenses in  connection  therewith.  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. Bonds issued by the authority shall be special obligations payable solely out of particular revenues  or  other moneys  as  may  be designated in the proceedings of the authority under which the bonds shall be authorized to be issued, subject  only  to  any agreements with the holders of outstanding bonds pledging any particular revenues, earnings or moneys.   2. The authority is authorized to obtain from any insurer or financial institution  any  insurance, guaranty or other credit support device, to the extent now or hereafter available, as to,  or  for  the  payment  or repayment of interest or principal, or both, or any part thereof, on any bonds  issued  by  the  authority  and  to  enter  into any agreement or contract with respect to any such insurance, guaranty  or  other  credit support  device,  except  to  the  extent that the same would in any way impair or interfere with the ability of the  authority  to  perform  and fulfill  the terms of any agreement made with the holders of outstanding bonds of the authority.   3. Bonds shall be authorized by resolution of  the  authority,  be  in such  denominations,  bear such date or dates and mature at such time or times as such resolution may provide, except that bonds and any renewals thereof shall mature within forty years of the date  of  their  original issuance  and  notes  and  any  renewal thereof shall mature within five years of the date of  their  original  issuance.  Such  bonds  shall  be subject to such terms of redemption, bear interest at such rate or rates per  annum,  which  may  vary  from time to time, as may be necessary to effect the sale thereof and shall be payable at such time,  be  in  such form,  carry  such  registration privileges, be executed in such manner, shall be subject to tender to the authority, with or without  extinction or  cancellation,  be payable in such medium of payment at such place or places, and be subject to such terms and conditions as  such  resolution may  provide. Bonds may be sold at public or private sale for such price or prices as the authority shall determine, provided that  no  issue  of bonds  of the authority, other than obligations designated as notes, may be sold by the authority at private sale unless such sale and the  terms thereof  have  been  approved  in writing by the comptroller, where such sale is not to be to such comptroller, or by the state director  of  the budget, where such sale is to be to the comptroller.   4.  Any  resolution  or  resolutions authorizing bonds or any issue of bonds may contain provisions which may be a part of  the  contract  with the holders of the bonds thereby authorized as to:  (a)  pledging  all  or  part  of its revenues, together with any other moneys, securities, contracts or property, to secure the payment of  the bonds, subject to such agreements with holders of bonds or notes as then may exist;  (b)  the  setting  aside of reserves and the creation of sinking funds and the regulation and disposition thereof;  (c) limitations on the purpose to which the proceeds from the sale  of bonds may be applied;  (d) the rates, fees and other charges to be fixed and collected by the authority  and the amount to be raised in each year thereby, and the use and disposition of revenues;  (e) limitations on the right of the authority to restrict and regulate the use of the project or part hereof in connection with which bonds are issued;  (f)  limitations  on  the issuance of additional bonds, the terms upon which additional bonds may be issued and secured and  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,  including  the  proportion  of bondholders  which  must  consent  thereto, and the manner in which such consent may be given;  (h) the creation of special funds into which any  revenues  or  moneys may be deposited;  (i) the terms and provisions of any trust, deed, mortgage or indenture securing the bonds under which the bonds may be issued;  (j)  vesting  in a trustee or trustees such properties, 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 eleven hundred ninety-nine-jj of this title and limiting or  abrogating  the  rights  of  the  bondholders  to appoint  a trustee under such section or limiting the rights, duties and powers of such trustee;  (k) defining the acts or omissions  to  act  which  may  constitute  a default   in  the  obligations  and  duties  of  the  authority  to  the bondholders and providing for the rights and remedies of the bondholders in the event of such  default,  including  as  a  matter  of  right  the appointment  of  a  receiver,  provided,  however,  that such rights and remedies shall not be inconsistent with the general laws  of  the  state and other provisions of this title;  (l)  limitations  on  the  power of the authority to sell or otherwise dispose of any project or any part thereof;  (m) limitations on the amount of  revenues  and  other  moneys  to  be expended   for  operating,  administrative  or  other  expenses  of  the authority;  (n) the payment of the proceeds of bonds, revenues and other moneys to a trustee or other  depository,  and  for  the  method  of  disbursement thereof  with  such  safeguards  and  restrictions  as the authority may determine; and  (o) any other matters of like or different character which may in  any way  affect  the  security  or protection of the bonds or the rights and remedies of bondholders.   5. In addition to the powers herein conferred upon  the  authority  to secure  its bonds, the authority shall have power in connection with the issuance of bonds to enter into such agreements  as  the  authority  may deem   necessary,   convenient   or  desirable  concerning  the  use  or disposition of its revenues or other moneys or property,  including  the mortgaging  of  any  of  its  properties and the entrusting, pledging or creation of any other security interest in any such revenues, moneys  or properties and the doing of any act (including refraining from doing any act)  which  the  authority  would  have  to  do  in the absence of such agreements. The authority shall have power to enter into  amendments  of any  such  agreements within the powers granted to the authority by this title and to  perform  such  agreements.  The  provisions  of  any  such agreements  may be made a part of the contract with the holders of bonds of the authority.    6. Any provision of  the  uniform  commercial  code  to  the  contrary notwithstanding,  any  pledge of or other security interest in revenues, moneys, accounts, contract rights, general intangibles or other personal property made or created by the authority shall be  valid,  binding  and perfected  from  the time such pledge is made or other security interest attaches without any physical delivery of the collateral or further act, and the lien of any such pledge, or other  security  interest  shall  be valid,  binding  and  perfected against all parties having claims of any kind in tort, contract or otherwise against the  authority  irrespective of  whether  or  not  such parties have notice thereof. No instrument by which such a pledge or security interest is created  nor  any  financing statement need be recorded or filed.   7.  Whether  or  not the bonds are of such form and character as to be negotiable instruments under the terms of the uniform  commercial  code, the  bonds  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 bonds for registration.   8. Neither the members of the authority nor any person executing bonds shall be liable  personally  thereon  or  be  subject  to  any  personal liability or accountability by reason of the issuance thereof.   9.  The authority, subject to such agreements with bondholders as then may exist, shall have power out of  any  moneys  available  therefor  to purchase bonds of the authority, which shall thereupon be cancelled at a price not exceeding (i) if the bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment date,  or  (ii)  if  the  bonds are not redeemable then redemption price applicable on the first date after such purchase upon  which  the  bonds become  subject to redemption, plus accrued interest to interest payment date.   * NB There are 2 § 1199-ii's