NY Pub Auth L § 1860 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 9 - New York State Energy Research and Development Authority 1860 - Bonds and Notes.

§  1860. Bonds and notes. 1. The authority shall have the power and is hereby authorized to issue at one time or in series from  time  to  time its  negotiable bonds and notes in conformity with applicable provisions of the uniform commercial code in such  principal  amounts  as,  in  the opinion  of  the  authority,  shall  be  necessary to provide sufficient moneys for achieving the authority's corporate purposes,  including  the establishment  of reserves to secure the bonds and notes and the payment of interest on bonds and notes.   2. The authority shall have power from time to time to renew bonds  or notes  or  to  issue  renewal  bonds or notes for such purpose, to issue bonds or notes to pay bonds or notes, and, whenever it  deems  refunding expedient,  to  refund  any bond or note by the issuance of new bonds or notes, whether the bonds or notes  to  be  refunded  have  or  have  not matured,  and  may  issue bonds or notes partly to refund bonds or notes then outstanding and partly for  any  other  corporate  purpose  of  the authority.  Bonds  or  notes issued for refunding purposes shall be sold and the proceeds applied to the purchase, redemption or payment  of  the bonds or notes to be refunded.   3.  Except  as  may  otherwise be expressly provided by the authority, every issue of bonds or notes shall be general obligations  payable  out of  any  moneys  or  revenues  of  the  authority,  subject  only to any agreements with the holders of bonds or notes pledging any  receipts  or revenues.   4.  The  bonds  and  notes  shall  be  authorized by resolution of the authority, shall bear such date or dates and  mature  at  such  time  or times  as  such  resolution  shall  provide,  except  that notes and any renewals thereof shall mature within five years  from  their  respective dates of issuance or renewal, as the case may be, and bonds shall mature within  forty  years from their respective dates of issuance or renewal, as the case may be. The bonds and notes shall bear interest at such rate or rates, be in such denomination, 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.   5. Bonds and notes shall be  sold  by  the  authority,  at  public  or private  sale,  at  such price or prices as the authority may determine. Bonds and notes of the authority shall not be sold by the  authority  at private  sale  unless such sale and the terms thereof have been approved in  writing  by  the  comptroller,  where  such  sale  is  not  to   the comptroller, or by the director of the budget, where such sale is to the comptroller.   6.  In  the discretion of the authority any bonds or issue of bonds or notes or issue of notes may be secured by such resolution or by a  trust indenture by and between the authority and a corporate trustee which may be any trust company or bank having the powers of a trust company in the state  or  by  a  secured  loan  agreement  or  other  instrument.  Such resolution, trust indenture, loan  agreement  or  other  instrument  may contain  any usual or customary provisions, covenants or limitations for bonds or notes of similar nature which shall be a part of  the  contract with  the  holders thereof, including such provisions for protecting and enforcing the rights and remedies of bondholders and noteholders as  may be reasonable and proper and not in violation of law.   7. Any resolution or resolutions authorizing any notes or bonds or any issue  thereof  may  contain  provisions,  which  shall be a part of the contract with the holders thereof, as to:  (a) pledging all or part of the fees, charges, gifts,  grants,  rents, revenues  or  other  moneys  received  or  to  be received and leases or  agreements to secure the payment of the notes or bonds or of  any  issue thereof subject to such agreements with bondholders as may then exist;  (b)  the  rates  of  the  fees  or  charges to be established, and the amounts to be raised in each year thereby and the use and disposition of the fees, charges,  gifts,  grants,  rents,  revenues  or  other  moneys received or to be received;  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d)  limitations  on  the purpose to which the proceeds of sale of any issue of notes or bonds then or thereafter to be issued may  be  applied and  pledging  such proceeds to secure the payment of the notes or bonds or of any issue thereof;  (e) limitations on the issuance of  additional  notes  or  bonds;  the terms  upon  which  additional notes or bonds may be issued and secured; the refunding of outstanding or other notes or bonds;  (f) the procedure, if any, by which the terms  of  any  contract  with bondholders  or  noteholders  may be amended or abrogated, the amount of notes or bonds the holders of which must consent thereto, and the manner in which such consent may be given;  (g) any other matters, of like or different character,  which  in  any way affect the security or protection of the notes or bonds.   8.  It  is  the intention hereof that any pledge made by the authority shall be valid and binding from the time when the pledge is  made,  that the  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.   9.  Neither  the members of the authority nor any person executing the bonds or notes shall be liable personally on the bonds or  notes  or  be subject  to  any  personal  liability or accountability by reason of the issuance thereof.   10. Subject to such agreements with bondholders or noteholders as  may then  exist,  the  authority shall have power out of any funds available therefor to purchase bonds or notes at a price not exceeding (a) if  the notes or bonds are then redeemable, the redemption price then applicable plus  accrued interest to the next interest payment date thereon, or (b) if the notes or bonds are not  then  redeemable,  the  redemption  price applicable on the first date after such purchase upon which the notes or bonds  become  subject to redemption plus accrued interest to said date. Bonds and notes so purchased shall thereupon be cancelled.   11. The state does hereby pledge to and agree with the holders of  any bonds  or  notes  that  the state will not limit or alter the rights and powers vested in the authority by this title to fulfill the terms of any contract made by the authority with such holders, or in any  way  impair the  rights  and  remedies  of  such holders until such bonds and notes, together  with  the  interest  thereon,  with  interest  on  any  unpaid installments  of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully  met and  discharged.  The authority is authorized to include this pledge and agreement of the state, insofar as it refers to holders of any bonds  or notes, in any contract with such holders.