NY Pub Auth L § 2051-H (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13-I - County of Franklin Solid Waste Management Authority 2051-H - Bonds of the Authority.

§  2051-h.  Bonds  of  the  authority. 1. The authority shall have the power and is hereby authorized from time to  time  to  issue  bonds,  in conformity with applicable provisions of the uniform commercial code, in such  principal  amounts  as it may determine to be necessary to pay the cost of any project  or  for  any  other  corporate  purpose,  including incidental  expenses  in  connection therewith. The authority shall have power and is hereby authorized to enter into such agreements and perform such acts as may be required under any applicable federal legislation to secure a federal guarantee of any bonds. 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.  Bonds  issued  by  the  authority  may  be  general obligations secured by the faith and credit of the authority or  may  be special  obligations  payable solely out of particular revenues or other moneys as may be designated in the proceedings of  the  authority  under which  the  bonds  shall  be  authorized to be issued and subject to any agreements with the holders of outstanding bonds pledging any particular revenues or moneys.   2. Bonds shall be authorized by resolution of  the  authority,  be  in such  denominations,  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 the date of the original issuance and bonds and any renewals thereof shall mature within thirty years from the date of the original issuance of any such bonds or notes.   The  bonds  and  notes  shall  be  subject  to  such  terms  of redemption,  bear  interest at such rate or rates payable at such times, 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  and conditions  as  such resolution may provide. Bonds may be sold at public or private sale  for  such  price  or  prices  as  the  authority  shall determine.  Bonds 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 state comptroller where such sale is not to be to such comptroller,  or  by the state director of the budget where such sale is to said comptroller.   3. Any resolution or resolutions authorizing bonds  or  any  issue  of bonds  may  contain  provisions which may 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, other moneys or property of the authority to secure the payment of the bonds, including  but  not limited  to,  any  contracts,  earnings  or proceeds of any grant to the authority received from any private or public source;  (b) the setting aside of reserves and the creation  of  sinking  funds and the regulation and disposition thereof;  (c)  limitations on the purpose to which the proceeds from the sale of bonds may be applied;  (d) the rates, rents, fees and other charges to be fixed and collected by the authority and the amount to be raised in each  year  thereby  and the use and disposition of revenues;  (e) limitations on the right of the authority to restrict and regulate the  use  of  the project or part thereof in connection with which bonds are issued;  (f) limitations on the issuance of additional bonds,  the  terms  upon which  additional  bonds  may be issued and secured and 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)  the  creation  of special funds into which any revenues or moneys may be deposited;  (i) the terms and provisions of any trust, deed or indenture  securing the bonds under which the bonds may be issued;  (j)  vesting  in a trustee or trustees such properties, 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 trustees appointed by the bondholders pursuant to section two thousand fifty-one-i of  this  title and  limiting  or  abrogating the rights of the bondholders to appoint a trustee under such section or limiting the rights, duties and powers  of the trustee;  (k)  defining  the  acts  or  omissions  to act which may constitute a default  in  the  obligations  and  duties  of  the  authority  to   the bondholders and providing for the rights and remedies of the bondholders in  the  event  of  such  default,  including  as  a matter of right the appointment of a receiver,  provided,  however,  that  such  rights  and remedies  shall  not  be inconsistent with the general laws of the state and other provisions of this title;  (l) limitations on the power of the authority  to  sell  or  otherwise dispose of any project or any part thereof;  (m)  limitations  on  the  amount  of  revenues and other moneys to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (n) the payment of the proceeds of bonds, revenues and other moneys to a  trustee  or  other  depository,  and  for  the method of disbursement thereof with such safeguards  and  restrictions  as  the  authority  may determine; and  (o)  any other matters of like or different character which in any way affect the security or  protection  of  the  bonds  or  the  rights  and remedies of bondholders.   4.  In  addition  to the powers herein conferred upon the authority to secure its bonds, the authority shall have power in connection with  the issuance  of  bonds  to  enter into such agreements as the authority may deem  necessary,  consistent  or  desirable  concerning   the   use   or disposition  of  its revenues or other moneys or property, including the mortgaging of any property and the entrusting, pledging or  creation  of any other security interest in any such revenues, moneys or property and the  doing  of  any act, (including refraining from doing any act) which the authority would have  the  right  to  do  in  the  absence  of  such agreements.  The  authority shall have power to enter into amendments of any such agreements within the powers granted to the authority  by  this title  and  to  perform  such  agreements.  The  provisions  of any such agreements may be made a part of the contract with the holders of  bonds of the authority.   5.  Any  provision  of  the  uniform  commercial  code to the contrary notwithstanding, any pledge of or other security interest  in  revenues, moneys, accounts, contract rights, general intangibles or other personal property  made  or  created by the authority shall be valid, binding and perfected from the time when such  pledge  is  made  or  other  security interest  attaches  without  any  physical delivery of the collateral or further act, and the lien of any such pledge or other security  interest shall  be valid, binding and perfected against all parties having claims of any kind  in  tort,  contract  or  otherwise  against  the  authority irrespective  of  whether  or  not  such parties have notice thereof. No  instrument by which such a pledge or security interest  is  created  nor any financing statement need be recorded or filed.   6.  Whether  or  not the bonds are of such form and character as to be negotiable instruments under the terms of the uniform  commercial  code, the  bonds  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.   7. Neither the members of the authority nor any person executing bonds shall be liable  personally  thereon  or  be  subject  to  any  personal liability or accountability by reason of the issuance thereof.   8.  The authority, subject to such agreements with bondholders as then may exist shall have power out  of  any  moneys  available  therefor  to purchase  bonds of the authority, which shall thereupon be cancelled, at a price not  exceeding  (a)  if  the  bonds  are  then  redeemable,  the redemption  price  then  applicable,  plus  accrued interest to the next interest payment date or (b) if the bonds are not then  redeemable,  the redemption  price  applicable on the first date after such purchase upon which the bonds become subject to redemption plus  accrued  interest  to the next interest payment date.