NY Pub Auth L § 2050-H (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13-G - Ulster County Resource Recovery Agency 2050-H - Bonds of the Agency.

§  2050-h. Bonds of the agency. 1. The agency 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 agency 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 agency may be general obligations secured  by  the  faith  and  credit  of  the  agency  or may be special obligations payable solely out of particular revenues or other moneys as may be designated in the proceedings of the agency 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. The agency may also enter into bank loan agreements, lines of credit and other  security  agreements  and  obtain for or on its behalf letters of credit in each case for securing its bonds or to provide direct  payment of any costs which the agency is authorized to pay.   2.  Bonds  shall be authorized by resolution of the agency, be in such denominations and bear such date or dates and mature  at  such  time  or times,  as  such  resolution  may  provide,  except  that  notes and any renewals thereof shall mature within five years from  the  date  of  the original  issuance  and  bonds shall mature within thirty years from the date of original issuance of any such bond or note. 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, 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 agency shall  determine. Bonds  of  the  agency  shall  not be sold by the agency at private sale unless such sale and the terms thereof have been approved in writing  by the  state comptroller, which such sale is not to the comptroller, or by the state director of the budget, where such sale is to the comptroller. The agency may pay all expenses, premiums and commissions which  it  may deem  necessary or advantageous in connection with the issuance and sale of bonds.   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  agency to secure the payment of the bonds, including but not limited to any contracts, earnings or proceeds of any  grant  to the agency received from any private or public source;  (b)  The  setting  aside of reserves and the creation of sinking funds and the regulations and disposition thereof;  (c) Limitations on the purpose to which the proceeds from the sale  of the bonds may be applied;  (d) The rates, rents, fees and other charges to be fixed and collected by  the  agency and the amount to be raised in each year thereby and the use and disposition of revenues;  (e) Limitations on the right of the agency 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 agency may determine which may include any or all of the rights, powers and duties of the  trustee  appointed  by  the bondholders  pursuant  to section two thousand fifty-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 such trustee;  (k) Defining the acts or  omission  to  act  which  may  constitute  a default  in  the obligations and duties of the agency 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;  (1) Limitations on the power  of  the  agency  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 agency;  (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 agency 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  agency  to secure  its  bonds  and  the  notes,  the  agency  shall  have  power in connection with the issuance of bonds  and  notes  to  enter  into  such agreements  as  the  agency  may deem necessary, convenient or desirable concerning the use or disposition of its moneys  or  property  including the  mortgaging  of  any  such  property and the entrusting, pledging or creation of any other security interest in any such moneys  or  property and the doing of any act, including refraining from doing any act, which the agency would have the right to do in the absence of such agreements. The  agency  shall  have  power  to  enter  into  amendments of any such agreements within the powers granted to the agency 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 and notes  of  the agency.   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  agency 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  perfected  against  the   agency 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 the purposes of the uniform commercial code, subject only to the provisions of the bonds for registration.   7.  Neither  the  members of the agency 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 agency, subject to such agreements with bondholders as then may exist, shall have power out of any moneys available therefor to purchase bonds  of the agency, 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, (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.