NY Pub Auth L § 561 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 3 - Triborough Bridge Authority 561 - Bonds of the Authority.

§  561.  Bonds of the authority. 1. The authority shall have the 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 or power. The authority shall have power from time to time and whenever it deems refunding advantageous or  desirable, to  refund, redeem or otherwise pay, including by purchase or tender 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  or  power. 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. The authority may issue general or special obligation bonds. Every issue  of general  obligation bonds shall be payable out of any moneys or revenues of the authority, subject only to any agreements  with  the  holders  of particular  bonds pledging any particular tolls or revenues. Every issue of special obligation bonds  shall  be  payable  out  of  any  revenues, receipts,   monies   or   assets  of  the  authority,  the  metropolitan transportation authority and its subsidiary  corporations  and  the  New York  city  transit authority and its subsidiary corporations identified for such purposes in accordance with  agreements  with  the  holders  of particular bonds.   2.  The 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, be payable at such time or times, 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. The bonds may be  sold  at  public  or  private  sale  for such price or prices as the authority shall determine.  Notwithstanding  the  foregoing  provisions, such bonds as may be authorized by resolution of the board and issued on or  before  June  thirtieth,  nineteen  hundred  sixty-five,  shall bear interest at such rate or rates as such resolution may provide.   3. The bonds may be issued for any corporate purpose of the authority.   4. 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 tolls and revenues of the  project or  of all or any part of any or all such projects to secure the payment of the bonds or of any issue of the bonds  subject  to  such  agreements with bondholders as may then exist;  (b) the rates of the tolls to be charged, and the amounts 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 project in connection with which such bonds are issued;  (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  of  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 any 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  of  the  rights,  powers and duties of the trustee appointed by the bondholders pursuant to section five  hundred  sixty-seven  hereof,  and limiting or abrogating the right of the bondholders to appoint a trustee under  section  five  hundred sixty-seven hereof 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.   4-a.  Any resolution or resolutions authorizing any bonds or any issue of bonds maturing in not exceeding ten years from their date  (hereafter in  this subdivision four-a referred to as "short term obligations") may contain, in addition to all other provisions authorized by  this  title, provisions,  which  shall  be a part of the contract with the holders of the short term obligations thereby authorized, as to (a)  refunding  the short  term  obligations  and,  if so provided, outstanding bonds by the issuance of bonds of the authority either by the sale of bonds  and  the application of the proceeds to the payment of the short term obligations and  outstanding  bonds  or  by the exchange of bonds for the short term obligations and outstanding bonds; provided, however, that the authority shall make no covenant to refund which shall require it to issue  bonds, the  aggregate  principal  amount of which shall exceed by more than ten per centum the aggregate principal amount of the short term  obligations and outstanding bonds to be refunded thereby;  (b)  satisfying,  paying or discharging the short term obligations, at the election of the authority, by the tender or delivery of bonds of the authority in exchange therefor; provided, however,  that  the  aggregate principal  amount  of bonds shall not exceed by more than ten per centum the aggregate principal amount of the short term obligations to satisfy, pay or discharge which the bonds are tendered or delivered;  (c) exchanging or  converting  the  short  term  obligations,  at  the election  of  the  holder  thereof,  for or into bonds of the authority; provided, however, that the aggregate  principal  amount  of  the  bonds shall  not  exceed  by  more than ten per centum the aggregate principal amount of the short term obligations to be exchanged  for  or  converted into bonds;  (d) pledging bonds of the authority as collateral to secure payment of the short term obligations and providing for the terms and conditions of the  pledge  and  manner  of  enforcing  the  pledge,  which  terms  and conditions may provide for the delivery of the bonds in satisfaction  of the  short  term  obligations;  provided,  however,  that  the aggregate principal amount of the bonds pledged shall not exceed by more than  ten per  centum the aggregate principal amount of the short term obligations to secure which they are pledged;  (e) depositing bonds in escrow or in trust with a  trustee  or  fiscal agent  or  otherwise  providing  for the issuance and disposition of the bonds as security for carrying out  any  provisions  in  any  resolution adopted  pursuant  to  the  foregoing  paragraphs  (a), (b), (c) and (d) hereof and providing for the powers and duties of the trustee or  fiscal agent  or  other  depositary  and  the terms and conditions on which the bonds are to be issued, held and disposed of;  (f) any other matters of like or different character which  relate  to any  provision  or  provisions of any resolution adopted pursuant to the foregoing paragraphs (a), (b), (c), (d) and (e) hereof.   In  computing  the  amount  of  bonds  of  the  authority which may be outstanding at any one time, short term obligations shall be excluded to the extent that the resolution authorizing the issuance  of  such  short term  obligations  shall  provide  for the issuance of bonds pursuant to paragraphs (a), (b), (c) or (d) of this section, but the bonds  provided to  be  issued  by  such  resolution  shall  be  included in making such computation whether or not such bonds are outstanding.   The authority shall have power to make contracts for the  future  sale from  time  to  time  of short term obligations, by which the purchasers shall be committed to purchase short term obligations from time to  time on  the terms and conditions stated in such contracts, and the authority shall have power to pay such consideration as it shall deem  proper  for such commitments.   4-b.  The  authority shall have power from time to time to issue notes (herein referred to as notes) for any corporate  purpose  or  power  and from  time  to  time to issue renewal notes maturing not later than five years,  from  their  respective  dates  whenever  the  authority   shall determine  that  payment  thereof can be made in full from any moneys or revenues which the authority expects to receive  from  any  source.  The authority  may  pledge  such  moneys  or  revenues (subject to any other pledge thereof) for the payment of the notes and may in addition  secure the  notes in the same manner as herein provided for bonds or otherwise. The notes shall be issued in the same manner  as  bonds.  The  authority shall have power to make contracts for the future sale from time to time of the notes, by which the purchasers shall be committed to purchase the notes  from  time  to  time  on  terms  and  conditions  stated  in such contracts, and the authority shall have power to pay such  consideration as it shall deem proper for such commitments.   4-c.  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.   5. Neither the members of the board nor any person executing the bonds shall  be  liable  personally on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.   6. The authority shall have power out of any funds available  therefor to  purchase bonds. The authority may hold, cancel or resell such bonds, subject to and in accordance with agreements with bondholders.