NY Pub Auth L § 2020 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13 - Onondaga County Solid Waste Disposal Authority 2020 - Bonds of the Authority.

§  2020. Bonds of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue its negotiable bonds for any of its corporate  purposes,  including  incidental  expenses  in connection therewith, and to secure the payment of the same by a lien or pledge  covering  all or part of its contract, earnings or revenues. The authority shall have power from time to time whenever it deems refunding expedient, 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 of its corporate purposes. Except as may be otherwise expressly provided by the authority, every issue of  bonds  by  the  authority  shall  be  general obligations  payable  out  of  any  moneys,  earnings or revenues of the authority, subject only to any agreements with the holders of particular bonds  pledging   any   particular   moneys,   earnings   or   revenues. Notwithstanding  the  fact  that the bonds may be payable from a special fund, if they are  otherwise  of  such  form  and  character  as  to  be negotiable  instruments  under  the  terms of negotiable instruments law (constituting chapter thirty-eight of the consolidated laws)  the  bonds shall  be  and are hereby made negotiable instruments within the meaning of and for all the purposes of the negotiable instruments  law,  subject only to the provisions of the bonds for registration.   2.  The  bonds  shall be authorized by resolution of the authority and shall bear such date  or  dates,  mature  at  such  time  or  times  not exceeding  forty years from their respective dates, bear interest at the best possible interest rate per annum as may be obtainable, be  in  such denominations,  be  in such form either coupon or registered, carry such registration privileges, be executed  in  such  manner,  be  payable  in lawful  money  of  the United States of America, at such place or places and be subject to such  terms  of  redemption,  as  such  resolution  or resolutions may provide.   All  bonds of the authority shall be sold at public or private sale as the authority shall determine. No bonds of the authority may be sold  at private  sale, however, unless such sale and the terms thereof have been approved by the county legislature. If such bonds  are  sold  at  public sale,  such sale shall be upon sealed bids to the bidder who shall offer the lowest interest cost to  the  authority  to  be  determined  by  the authority.  Notice  of any public sale shall be published at least once, not less than ten nor more than forty days before the date of sale, in a financial newspaper published and circulated in the city of New York and designated by the authority. The notice shall call for  the  receipt  of sealed bids and shall fix the date, time and place of sale.   3. 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 moneys, earnings, income and revenues derived from all or any part of the properties of the authority 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,  rentals,  fees  and  other  charges  to be fixed and collected and the amounts to be raised in each year thereby, and the use and disposition of the earnings and other revenues;  (c) the setting aside of reserves and the creation  of  sinking  funds and the regulation and disposition thereof;  (d) limitations on the right of the authority to restrict and regulate the  use  of  the  properties  in  connection  with which such bonds are issued;  (e) limitations in the purposes to which and the manner in  which  the proceeds of sale of any issue of bonds may be applied;  (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)  the creation of special funds into which any earnings or revenues of the authority may be deposited;  (i) the terms  and  provisions  of  any  mortgage  or  trust  deed  or indenture securing the bonds or under which 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 trustee appointed by  the bondholders  pursuant  to section eleven hundred forty-three hereof, and limiting or abrogating the right 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 omissions to act which shall constitute a default  in  the  obligations  and  duties  of  the  authority  to   the bondholders  and providing 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  this  state and other provisions of this title;  (l)  limitations  on  the  power of the authority to sell or otherwise dispose of its properties;  (m) any other matters, of like or different character which in any way affect the security or protection of the bonds;  (n) limitations on the amount of moneys derived from the properties to be expended for operating,  administrative  or  other  expenses  of  the authority;  (o)  the  protection and enforcement of the rights and remedies of the bondholders;  (p) the obligations of the authority in relation to the  construction, maintenance,  operation,  repairs  and  insurance of the properties, the safeguarding and application of all moneys and as  to  the  requirements for  the  supervision and approval of consulting engineers in connection with construction, reconstruction and operation;  (q) the payment of the proceeds of  bonds  and  revenues  of  the  the properties  to  a  trustee  or  other  depositary, and for the method of disbursement thereof  with  such  safeguards  and  restrictions  as  the authority may determine.   4.  It  is  in  the  intention  of  the legislature that any pledge of earnings, revenues or other moneys made by the authority shall be  valid and  binding  from  the time when the pledge is made; that the earnings, 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 authority nor any person executing the bonds or other obligations shall be liable personally on  the  bonds  or other   obligations   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  (as distinguished from the power of redemption hereinabove provided) any bonds issued by  it  or  which  may  be  assumed  by  such authority  at  a price of not more than the principal amount thereof and accrued interest, and all such bonds shall be cancelled.   7.  In  the discretion of the authority, the bonds may be secured 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 of New York. Such trust indenture may contain  such provisions  for  protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants  setting  forth  the  duties  of  the  authority  in relation   to  the  construction,  maintenance,  operation,  repair  and insurance  of  the  properties,  and  the  custody,   safeguarding   and application  of all moneys, and may provide that the properties shall be constructed  and  paid  for  under  the  supervision  and  approval   of consulting  engineers. The authority may provide by such trust indenture for the payment of the proceeds of the bonds and  the  revenues  of  the properties   to   the  trustee  under  such  trust  indenture  or  other depository, and for  the  method  of  disbursement  thereof,  with  such safeguards  and  restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as  a  part  of  the cost  of  maintenance,  operation  and repairs of the properties. If the bonds shall be secured by a trust indenture the bondholders  shall  have no authority to appoint a separate trustee to represent them.   Notwithstanding  any other provisions of this title, any resolution or resolutions authorizing bonds or notes of the authority shall contain  a covenant  by  the  authority  that  it will at all times maintain rates, fees, rentals and/or other charges  sufficient  to  pay,  and  that  any contracts  entered  into  by the authority for the receipt and treatment and/or disposal of solid wastes shall contain rates,  fees,  rentals  or other  charges  sufficient to pay, the cost of operation and maintenance of the properties, the principal  of  and  interest  on  any  obligation issued  pursuant to such resolution or resolutions as the same severally become due and payable, and to maintain  any  reserves  or  other  funds required by the terms of such resolution or resolutions.