NY Arts & Cult Aff L § 20.17 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title E - New York State Cultural Resources Act Article 20 - New York State Cultural Resources Act 20.17 - Bonds and Notes of a Trust.

§ 20.17. Bonds  and  notes of a trust. 1. A trust shall have the power   and is hereby authorized to issue from time to time its bonds and  notes   in  such  principal amounts as the trust shall determine to be necessary   for achieving any of its corporate purposes, including: (a) the  payment   of  all or any part of the cost of developing cultural facilities or the   institutional  portion  of  combined-use  facilities;   (b)   developing   facilities  for not-for-profit cultural organizations; (c) the making of   loans pursuant to this article to not-for-profit cultural  organizations   and  to participating cultural institutions; (d) the payment of interest   on bonds and notes of the trust; (e) the establishment  of  reserves  to   secure  such  bonds  and notes of the trust; (f) the payment of expenses   incurred in connection with the issuance of the bonds and notes  of  the   trust;  and  (g)  during  the  period  of  development of a combined-use   facility or a cultural facility or other  facility  authorized  by  this   article,  the  payment  of  other  expenses but, except in the case of a   trust created prior to the effective date of this section, such expenses   shall not include  operating  expenses  of  the  participating  cultural   institution.  All  bonds  or  notes  and the interest coupons applicable   thereto whether or not in negotiable form are hereby made and  shall  be   construed  to  be negotiable instruments and investment securities under   article eight of the uniform commercial code.2. A trust shall have the power to issue from time to time  (a)  notes   to  renew  notes, (b) bonds to pay notes, including the interest thereon   and redemption premium, if any, (c) bonds to refund  any  bonds  of  the   trust  then outstanding, including the payment of any redemption premium   thereon and any interest  accrued  or  to  accrue  to  the  earliest  or   subsequent  date  of redemption, purchase or maturity of such bonds. The   refunding bonds may be exchanged for the bonds to be  refunded  or  sold   and  the proceeds applied to the purchase, redemption or payment of such   bonds, and pending such purchase, redemption or payment,  such  proceeds   may  be  invested  and reinvested in obligations of or guaranteed by the   United States, the state, or any political subdivision of the state,  or   any  agency or instrumentality of any of them, secured in such manner as   the trust shall determine, maturing at such time or times  as  shall  be   appropriate  to assure the prompt payment, as to the principal, interest   and redemption premium, if any, on the outstanding bonds to be refunded.   A trust shall have power out of any funds available therefor to purchase   (as distinguished from the power  of  redemption  herein  provided)  any   bonds  or  notes  of  the  trust,  and  all  bonds so purchased shall be   cancelled.3. With respect to notes or bonds issued or renewed on and  after  the   effective  date  of  this title, no note or renewal thereof shall mature   more than five years from and after the date of the  original  issue  of   such  note,  and no bond or bond issued to refund such bond shall mature   more than thirty years from and after the date of the original issue  of   such  bond,  provided,  however,  no  bond issued to refund bonds issued   prior to the effective date of this section shall mature more than fifty   years from and after the date of the original issue of  any  such  bond.   Notwithstanding  the  foregoing, notes issued by a trust for the purpose   of repaying advances from a  participating  cultural  institution  which   uses  or  occupies  the institutional portion of a combined-use facility   the cost of development of which was paid with the proceeds of bonds  of   the  trust  which were issued prior to September first, nineteen hundred   ninety-one, shall mature no later than seven years from  and  after  the   date  of  original  issue  of such note, and bonds issued by a trust for   such purpose, including bonds issued to refund such notes, shall  mature   no  later  than fifty years from and after the date of original issue of   such bonds. 4. The issuance of bonds and notes by a trust shall be  authorized  by   resolution of the trust without further authorization or approval, which   resolution shall be a part of the contract with the holders of the bonds   or notes thereby authorized. Such resolution may provide that such bonds   and  notes may be registered or registrable as to principal and interest   or as to interest alone and that such bonds and notes may be payable  at   such  place or places, within or without the state, may bear interest at   such rate or rates, may be payable and mature at such time or times, may   be  in  such  form  and  evidenced  in  such  manner,  may  be  in  such   denominations,  and  may  contain such other provisions not inconsistent   with this article, including provisions as to reserve or sinking  funds,   payment,  redemption  or refunding of bonds or notes, security therefor,   events of default, remedies of bondholders or  noteholders,  appointment   of trustees, as distinguished from members of the board of trustees of a   trust  for  cultural  resources,  or fiscal agents, custody, collection,   securing,  investment  and  payment  of  any  money  and  amendment   or   abrogation  of such provisions, all as the trust may determine; provided   that such resolution may provide for the manner of  determining  any  or   all  of  the  foregoing  provisions  for such bonds and notes in lieu of   determining such provisions.5. Bonds may be issued in one or more series as serial  bonds,  or  as   term  bonds,  or  as  a  combination  thereof.  Any signature, manual or   facsimile, of an officer of the trust appearing on  bonds  or  notes  or   coupons  shall  be  valid and sufficient for all purposes whether or not   such officer shall then be in office. The trust may also provide for the   authentication of the bonds or notes by a trustee (as distinguished from   a member of the board of trustees of a trust for cultural resources)  or   fiscal agent.6.  The  bonds  or  notes  of  a trust may be sold at such prices at a   public or private sale, in such manner and from time to time, as may  be   determined  by  the  trust, and the trust may pay all expenses, premiums   and  commissions  which  it  may  deem  necessary  or  advantageous   in   connection  with  the  issuance and sale thereof. No bonds or notes of a   trust may be sold at a private sale  unless  such  sale  and  the  terms   thereof  have  been  approved in writing by the comptroller of the state   and the chief fiscal officer of the municipality or county in which  the   combined-use facility or cultural facility for which such bonds or notes   are issued is located.7.  Neither  the  trustees,  officers or employees of a trust, nor any   participating cultural institution or the members, directors,  trustees,   officers  or  employees of such institution, nor any person executing or   authenticating the bonds or notes of the trust shall be  liable  on  the   bonds  or  notes  or  be  subject  to any personal or other liability or   accountability by reason of the issuance thereof.