NY Rac, Pari-Mut Wag & Breeding L § 611 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 6 - New York City Off-Track Betting Corporation 611 - Issuance of Bonds and Notes by Corporation.

§  611. Issuance of bonds and notes by corporation. 1. The corporation   shall have the power and is hereby authorized, from  time  to  time,  to   issue  negotiable bonds and notes in such aggregate principal amounts as   shall, in the opinion of the corporation,  be  necessary  together  with   such  other  moneys  or funds as may be available to the corporation, to   provide funds sufficient to enable the  corporation  to  carry  out  its   corporate purposes, including the acquisition, construction, maintenance   and repair of personal and real property, the payment of interest on and   amortization  of,  or payment of such bonds and notes, the establishment   of reserves or sinking funds to secure such bonds  and  notes,  and  all   other  expenditures  of  the  corporation  incident  to and necessary or   desirable for the  carrying  out  of  its  corporate  purposes  and  the   exercise of its powers. Except as may otherwise be expressly provided by   the  corporation,  every  issue  of its bonds and notes shall be general   obligations of the corporation payable out of any revenues or moneys  of   the  corporation,  subject  only  to  any agreements with the holders of   particular bonds or notes pledging any particular  revenues  or  moneys.   Whether  or  not the bonds or notes are of such form and character as to   be negotiable instruments under the provisions of article eight  of  the   uniform  commercial  code,  the  bonds and notes shall be and are hereby   made negotiable instruments within  the  meaning  of  and  for  all  the   purposes  of  article eight of the uniform commercial code, subject only   to the provisions of the bonds or notes for registration.2. The corporation shall have the power and is hereby authorized, from   time to time, to issue renewal notes, and to refund  any  bonds  by  the   issuance of new bonds, whether the bonds to be refunded have or have not   matured,  and to issue bonds to pay notes or partly to refund bonds then   outstanding.3. The said bonds and notes  shall  be  authorized  by  resolution  or   resolutions  of  the  board,  and  shall  mature  as  such resolution or   resolutions may provide. Bonds and notes shall  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 such medium of payment, at such place or places,   and be subject to  such  terms  of  redemption  as  such  resolution  or   resolutions  may provide. Bonds and notes may be sold by the corporation   at public or private sale at such price or  prices  as  the  corporation   shall  determine;  provided, however, that no such bonds or notes may be   sold at a private sale unless the sale and the terms thereof  have  been   approved by the comptroller in writing.4.  Any  resolution  or resolutions authorizing any bonds or notes may   contain provisions, which shall be a part of the contract  or  contracts   with the holders thereof, as to:a.  pledging all or any part of the moneys or revenues or other assets   of the corporation to secure the payment of such bonds or notes;b. the setting aside of reserves or sinking funds and  the  regulation   or disposition thereof;c.  limitations  on  the purposes to which the proceeds of the sale of   any issue of bonds or notes then or  thereafter  to  be  issued  may  be   applied and pledging such proceeds to secure the payment of the bonds or   notes or any issue thereof;d. limitations on the issuance of additional bonds or notes; the terms   upon which such additional bonds or notes may be issued and secured; the   refunding of outstanding bonds or notes;e. the procedures, if any, by which the terms of any contract with the   holders  of  bonds  or notes may be extended or abrogated, the amount of   bonds or notes the holders of which must consent thereto and the  manner   in which such consent may be given; f.  the creation of special funds into which any moneys or revenues of   the corporation may be deposited;g.  limitations  on  the  amounts  that the corporation may expend for   administrative or other expenses thereof;h. vesting in a trustee such properties, rights, powers and duties  in   trust  as  the  corporation may determine and limiting or abrogating the   right of the holders of the bonds or notes to appoint  a  trustee  under   section six hundred sixteen of this chapter;i.  defining  the  acts  or  omissions  to act that shall constitute a   default in the obligations and duties of the corporation to the  holders   of  the  bonds or notes and providing for the rights and remedies of the   holders of the bonds or notes in the event of such default, including as   a matter of right the appointment of  a  receiver;  providing,  however,   that such rights and remedies shall not be inconsistent with the general   laws of the state and the other provisions of this article; andj.  any other matters, of like or different character, that in any way   affect the security or protection of the holders of the bonds or notes.5. Any pledge of revenues, moneys or property made by the  corporation   shall  be  valid  and binding from the time when the pledge is made; the   revenues, moneys or property so pledged and thereafter received  by  the   corporation  shall  immediately  be  subject  to the lien of such pledge   without any physical delivery thereof or further act, and  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   corporation irrespective of whether such parties  have  notice  thereof.   Neither  the resolution or resolutions nor any other instrument by which   a pledge is created need be recorded.6. Neither the directors of  the  corporation  nor  any  other  person   executing such bonds or notes shall be subject to any personal liability   or accountability by reason of the issuance thereof.7.  The  corporation,  subject  to such agreements with the holders of   bonds or notes as may then exist, shall have the power out of any  funds   available  therefor  to  purchase  any  bonds or notes issued by it at a   price not exceeding the redemption price thereof, which price shall be:a. if the bonds or notes are then  redeemable,  the  redemption  price   then  applicable plus accrued interest to the next interest payment date   thereon, orb. if the bonds or notes are not then redeemable, the redemption price   applicable on the first date after such purchase  upon  which  bonds  or   notes  become  subject to redemption plus accrued interest to such date.   All bonds or notes so purchased shall be cancelled.