NY Pub Auth L § 1388 (2021)
2021 New York Laws PBA - Public Authorities Article 6 - Port Authorities Title 3 - Ogdensburg Port Authority 1388 - Bonds of the Authority.

§  1388. Bonds of the authority. 1. The authority shall have power and   is hereby authorized from time to time  to  issue  negotiable  bonds  in   conformity with applicable provisions of the uniform commercial code for   any corporate purpose of the authority, including the paying, funding or   refunding  of  any  notes  theretofore issued by the authority under the   provisions of section thirteen hundred  eighty-nine  of  this  act.  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.  Except  as  may  be  otherwise   expressly  provided by contract between the authority and the holders of   its bonds, all bonds of  the  authority  shall  be  general  obligations   payable  out of any moneys or revenues of the authority, subject only to   any agreements with the holders of particular bonds the payment of which   is secured by a pledge of particular moneys or revenues.2. Such bonds shall be authorized by resolution of the board and shall   bear such date or dates, mature at such time  or  times,  not  exceeding   forty  years  from their respective dates, bear interest at such rate or   rates, not exceeding five 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  prior   to maturity, at par or a price not exceeding one hundred five per centum   of  the  face value, as such resolution or resolutions may provide. Such   bonds may be sold, with or without advertisement, in such manner as  the   authority  shall  determine  by  resolution. If advertisement is made, a   notice of sale shall be published at least once, not less than  ten  nor   more  than  forty days before the date of sale, in a newspaper published   and circulated in the city of Ogdensburg and in  a  financial  newspaper   published  and  circulated in the city of New York and designated by the   board. The notice shall call for the receipt of sealed  bids  and  shall   fix  the date, time and place of sale. Bonds shall be sold at such price   or prices as will yield to the purchasers income at a rate not exceeding   five per centum per annum to the maturity dates of said bonds,  computed   in accordance with standard tables of bond values.3.  Any  resolutions authorizing the issuance of any 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 gross or net revenues of the   authority to secure the payment of the bonds, subject to such agreements   with bondholders as may then exist;b. The rentals, fees and other charges to be charged for  the  use  of   projects  of  the  authority,  and the amounts to be raised in each year   thereby, and the use and disposition of revenues of the authority;c. The setting aside of reserves or sinking funds and  the  regulation   and disposition thereof;d.  The  appointment  of  a  bank  or  banks or trust company or trust   companies as trustee or trustees for the custody and disposition of  any   moneys  of  the  authority, including the proceeds of any bonds or other   obligations and any  revenues  or  income  of  the  authority,  and  the   execution  of  any  trust  agreements or indentures with such trustee or   trustees with such provisions as may be deemed necessary or desirable in   connection with the custody  and  disposition  of  such  moneys  of  the   authority and the rights and remedies of the holders of such bonds;e.  Limitations on the right of the authority to restrict and regulate   the use of projects of the authority; f. Limitations of the purpose to which the proceeds of the sale of any   issue of bonds then or thereafter to be issued may be applied;g.  Limitations  on  the  issuance  of additional bonds, including the   terms upon which additional bonds may be issued and secured;h. 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 give consent thereto, and the manner in which such consent   may be given; andi. Any other matters, of like or different character, which in any way   affect the security or protection of the bonds.4.  Any pledge of revenues or other moneys made by the authority shall   be valid and binding from the time when the pledge is made. The revenues   or other moneys so pledged and  thereafter  received  by  the  authority   shall  be  immediately  subject  to  the lien of such pledge without any   physical delivery thereof or further act. 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.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  by reason of the issuance thereof, excepting solely   for things willfully done or willfully omitted to be done with an intent   to defraud.6. The authority shall have power out of any funds available  therefor   to  purchase  any  of its outstanding bonds at a price not more than the   then redemption price of such bonds. All bonds  so  purchased  shall  be   cancelled.7. Issuance by the authority of one or more series of bonds for one or   more  purposes  in  connection  with  any  industrial  project shall not   preclude it from  issuing  other  bonds  in  connection  with  the  same   industrial  project or any other industrial project, but the proceedings   whereunder any subsequent  bonds  may  be  issued  shall  recognize  and   protect  any  prior pledge or mortgage made for any prior issue of bonds   unless in the proceedings authorizing such  prior  issue  the  right  is   reserved to issue subsequent bonds on a parity with such prior issue.