NY Pub Auth L § 2509 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 25 - New York City Sports Authority 2509 - Bond and Note Authorization.

* § 2509. Bond and note authorization. 1. The authority shall have the power and is hereby authorized to issue from time to time its negotiable bonds  and notes in conformity with applicable provisions of the uniform commercial code  in  such  principal  amounts  as  the  authority  shall determine  to be necessary to provide sufficient funds for achieving any of its corporate purposes, including the payment of all or any  part  of the   cost  of  acquiring,  constructing,  reconstructing,  constructing additions to, improving, maintaining and  operating  sports  facilities, including  but  not  limited to buildings, structures, parking and other facilities for such sports facilities, the payment of interest on  bonds and notes of the authority, the establishment of reserves to secure such bonds  and  notes  of  the  authority  and  the  payment  of  all  other expenditures, including operating expenses, of the authority incident to or necessary or convenient to  carry  out  its  corporate  purposes  and powers.   2.  The  authority shall have the power to issue from time to time (i) notes to renew notes and (ii) bonds to pay notes, including the interest thereon and redemption premium, if any, and, whenever it deems refunding expedient, to refund  any  bonds  of  the  authority  then  outstanding, whether the bonds to be refunded have or have not matured, 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, by the issuance of new  bonds,  and,  if  deemed advisable  by  the authority, to issue bonds partly to refund bonds then outstanding and partly for any of its corporate purposes. 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. Pending  such  purchase,  redemption  or  payment,  such proceeds may be invested and reinvested in obligations of or guaranteed  by  the  United States of America, or in obligations of agencies of the United States of America,  secured  in  such  manner  as  the  authority shall determine, maturing at such time or times as shall be  appropriate  to  assure  the prompt payment, as to principal, interest and redemption premium, if any on  the  outstanding  bonds  to  be  refunded.  The  interest and earned increment, if any, resulting from  any  such  investment,  may  also  be applied  to the purchase, redemption or payment of the outstanding bonds to be so refunded and any  balance  remaining  upon  completion  of  the purchase,  redemption  or payment of all such outstanding bonds shall be returned to the authority for use by it in any lawful manner.   3. No bonds or notes of the authority shall be  issued  if  upon  such issuance  the  aggregate  principal  amount  of  bonds  and notes of the authority then outstanding exceeds one hundred million dollars, provided that such statutory maximum principal amount shall not be  construed  as constituting  a  contract  between  the authority and the holders of its bonds or notes  that  additional  bonds  or  notes  may  not  be  issued subsequently  by  the authority in the event that such statutory maximum shall be increased subsequently by law and  provided  further  that,  in determining  such aggregate principal amount there shall be deducted (i) all sums then available for the payment of such bonds or notes either at maturity or through the operation of a sinking fund; (ii) the  aggregate principal amount of outstanding bonds issued (a) to refund notes and (b) to  refund  bonds theretofore issued and then outstanding; and (iii) the aggregate principal amount of outstanding notes issued  to  renew  notes theretofore issued and then outstanding.   4.  The  issuance  of  bonds  and  notes  by  the  authority  shall be authorized by resolution or resolutions of the authority without further authorization or approval, which resolution or resolutions  shall  be  a  part  of  the  contract  with  the holders of the bonds or notes thereby authorized and may contain provisions as to:  (a)  pledging  all  or  any  part  of the moneys, earnings, income and revenues derived from the project 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 payments, fees or other charges to be fixed,  established  and collected and the amounts to be raised in each year thereby, and the use and disposition of the moneys, earnings, income 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 a sports facility or sports facilities;  (e) limitations on the purposes to which and the manner in  which  the proceeds of sale of any bonds or 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; and the  refunding  of outstanding bonds 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 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 trustee appointed by  the bondholders  pursuant  to  section  twenty-five hundred thirteen of this title, and limiting or  abrogating  the  right  of  the  bondholders  to appoint  a trustee under such section or limiting the rights, powers and duties 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) limitations on the amount of moneys derived from a sports facility or  sports  facilities  to be expended for operating, administrative and other expenses of the authority;  (n) the protection and enforcement of the rights and remedies  of  the bondholders;  (o)  the obligations of the authority in relation to a sports facility or sports facilities and the safeguarding and application of all moneys;  (p) the payment of the proceeds of  bonds  and  revenue  of  a  sports facility  or sports facilities to a trustee or other depository, and for the method of disbursement thereof and such safeguards and  restrictions as the authority may determine;  (q)  any other matters of like or different character which may in any way affect the security or protection of the bonds.   * NB (Discontinued-Board of Directors never appointed)