NY Pub Auth L § 2316 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 15 - Auburn Industrial Development Authority 2316 - Bonds of the Authority.

§  2316. 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 of its corporate purposes in an aggregate principal  amount  not exceeding  five  hundred  million  dollars,  including  interest  during construction and a reasonable period thereafter and such expenses as may be deemed by the board necessary or desirable to the  financing  thereof and  placing  the  project or projects in operation. 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 of new bonds  shall  be  excluded.  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 article eight of the uniform commercial code the bonds shall be  and  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.   2.  The  bonds  shall be authorized by resolution of the authority 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 rates, not exceeding fifteen per centum per annum payable  annually or  semi-annually,  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 fifteen per centum per annum.   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 or the city 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  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 the rights, powers and duties  of  the  trustees  appointed  by  the bondholders  pursuant to section twenty-three hundred thirty 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 trustee;  (j) any other matters, of like or different character,  which  in  any way affect the security or protection of the bonds.