NY Pub Auth L § 532 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 2 - New York State Bridge Authority 532 - Bonds of the Authority.

§  532.  Bonds of the authority. 1. The authority shall have power and is hereby authorized from time to time to issue its negotiable bonds  in conformity with applicable provisions of the uniform commercial code for any  corporate  purpose  in the aggregate principal amount not to exceed one hundred fifty-three million two hundred fifty-five thousand dollars.   2. In addition to the bonds authorized  in  subdivision  one  of  this section,  the  authority shall have power from time to time and whenever it deems refunding expedient, to issue bonds in such principal amount as the authority may determine for the  purpose  of  refunding  bonds  then outstanding  and  to  issue such additional bonds as may be necessary to pay the costs incurred in connection with said  refunding,  whether  the bonds  to  be refunded have or have not matured. 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, redemption or payment of the bonds to be  refunded,  provided,  however, that upon any such refunding or repayment the aggregate principal amount of outstanding bonds may be greater than one hundred fifty-three million two hundred fifty-five thousand dollars only if the present value of the aggregate  debt service of the refunding or repayment bonds to be issued shall not exceed the present value of the aggregate debt service of  the bonds  so  to  be  refunded  or repaid. For purposes hereof, the present values of the aggregate debt service of the refunding or repayment bonds and of the aggregate debt service of the bonds so  refunded  or  repaid, shall  be  calculated  by  utilizing  the effective interest rate of the refunding or repayment 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  or repayment  bonds  from the payment dates thereof to the date of issue of the refunding  or  repayment  bonds  and  to  the  price  bid  including estimated  accrued  interest  or  proceeds  received  by  the  authority including estimated accrued interest from the sale thereof.   3. Bonds shall be authorized by resolution of the board and shall bear such date or dates, mature at such time or times,  not  exceeding  fifty years  from their respective dates, bear interest at such rate or rates, payable 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 such medium of  payment,  at  such  place  or places,  and  be  subject  to such terms of redemption (not inconsistent with subdivision four of this section) as such resolution or resolutions may provide. Any bonds of the authority may be sold at public or private sale for such price or prices as the authority shall determine.   4. Every issue of bonds  shall  be  subject  to  redemption  prior  to maturity  at the election of the authority on notice by publication in a newspaper published in the city of New York  of  not  more  than  ninety days, and if the state shall furnish the authority with sufficient money therefor,  the  authority  shall redeem the bonds in accordance with the terms of redemption then applicable.   5. Except as otherwise may be  expressly  provided  by  the  authority every  issue of bonds and notes shall be general obligations payable out of any moneys  or  revenues  of  the  authority,  subject  only  to  any agreement  with  the  holders  of particular bonds or notes pledging any particular tolls or revenues.   6. Any resolution or resolutions authorizing any bonds  or  notes  may contain  provisions,  which  shall  be  a  part of the contract with the holders of the bonds or notes, as to  (a) Pledging the tolls and revenues of the bridges or any of  them  to secure the payment of the bonds or notes;  (b)  The rates of the tolls to be charged, and the amount to be raised in each year by tolls, and the use and  disposition  of  the  tolls  and other 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 the bridges;  (e)  Limitations  on the purposes to which the proceeds of 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 of any issue thereof;  (f) Limitations on the issuance of additional bonds  or  notes  or  on other debt;  (g)  The  procedure,  if  any, by which the terms of any contract with bondholders or noteholders may be amended 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;  (h)  Limitations  on  the  amount  of  moneys  derived from any of the bridges 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 five hundred thirty-seven 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 or notes.   7. Neither the members of the board  nor  any  person  executing  such bonds  or  notes shall be liable personally on said bonds or notes or be subject to any personal liability or accountability  by  reason  of  the issuance thereof.   8.  The authority shall have power out of any funds available therefor to purchase any bonds or notes issued by it.  The  authority  may  hold, cancel,  or resell such bonds or notes subject to and in accordance with agreements with bondholders or noteholders.   9. It is the intention hereof  that  any  pledge  of  tolls  or  other revenues  or  other  moneys  made  by  the  authority shall be valid and binding from the time when the pledge is made; that the tolls  or  other 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.