NY Pub Auth L § 1470-H (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 3-A - City of Rome Parking Authority 1470-H - Bonds of the Authority.

* §  1470-h.  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 purpose mentioned in section  fourteen  hundred  seventy-c hereof,  including  the  acquisition,  construction,  reconstruction and repair of personal and real property of all kinds deemed by the board to be necessary or desirable to carry out such purpose, as well as  to  pay such  expenses  as  may be deemed by the board necessary or desirable to the financing thereof and placing the project or projects  in  operation in  the  aggregate  principal  amount  of  not exceeding fifteen million dollars outstanding at any one time. The authority shall have power from time to time and 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 other purpose hereinabove described. The  refunding bonds may be exchanged for the bonds to be refunded, with such cash adjustments as may be agreed, or may be sold and the  proceeds applied  to  the  purchase  or  payment  of the bonds to be refunded. In computing the total amount of bonds of the authority which  may  at  any time  be  outstanding the amount of the outstanding bonds to be refunded from the proceeds of the sale of new bonds or by exchange for new  bonds shall  be excluded. Except as may otherwise be expressly provided by the authority, the bonds of every issue shall be general obligations of  the authority  payable  out  of  any  moneys  or  revenues of the authority, subject only to any agreements with  the  holders  of  particular  bonds pledging  any  particular  moneys  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 article eight of the uniform commercial code the bonds shall be and  are  hereby made  negotiable  instruments  within  the  meaning  of  and for all the purposes of article eight of the uniform commercial code,  subject  only to the provisions of the bonds for registration.   2.  The bonds shall be authorized by resolution of the board and shall bear such date or dates, mature at such  time  or  times  not  exceeding thirty  years from their respective dates, bear interest at such rate or rates payable annually or semi-annually, 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. The bonds may be sold at public or private sale for such price or prices as the authority shall determine.   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 revenues of a project or projects to secure the payment of the bonds,  subject  to  such  agreements  with bondholders as may then exist;  (b) the rentals, fees and other charges to be charged, and the amounts to  be  raised  in each year thereby, and the use and disposition of the revenues;  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d) limitations on the right of the authority to restrict and regulate the use of a project;  (e) limitations on the purpose to which the proceeds of  sale  of  any issue  of  bonds  then  or  thereafter  to  be issued may be applied and pledging such proceeds to secure the payment of  the  bonds  or  of  any issue of the bonds;  (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  the  bonds  the holders  of  which  must  consent  thereto, and the manner in which such consent may be given;  (h) limitations on the amount of moneys derived from a project  to  be expended   for  operating,  administrative  or  other  expenses  of  the authority;  (i) vesting in a trustee or trustees such property, rights, powers and duties in trust as the authority may determine which may include any  or all  the  rights,  powers,  and  duties of the trustees appointed by the bondholders pursuant to section fourteen hundred seventy-o  hereof,  and limiting or abrogating the right of the bondholders to appoint a trustee under  said  section  or  limiting the rights, duties and powers of such trustee;  (j) any other matters, of like or different character,  which  in  any way affect the security or protection of the bonds.   4.  It  is  the  intention hereof that any pledge of revenues or other moneys made by the authority shall be valid and binding  from  the  time when  the  pledge  is made; that the 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  shall  be  liable  personally  on  the bonds 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 bonds. The authority may hold, cancel or resell such bonds, subject to and in accordance with agreements with bondholders.   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  convenants  setting  forth  the  duties  of  the authority in relation  to  the  construction,  maintenance,  operation,  repair   and insurance  of  the project or projects and the custody, safeguarding and application of all moneys, and may provide that the project or  projects shall  be constructed and paid for under the supervision and approval of consulting engineers. Notwithstanding the provisions of section fourteen hundred seventy-o of this title the authority may provide by such  trust indenture  for the payment of the proceeds of the bonds and the revenues of the project or projects 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 project or  projects. If  the  bonds  shall  be  secured by a trust indenture, the bondholders shall have no authority to appoint a separate trustee to represent them, and the trustee under such trust indenture shall have and possess all of  the powers which are conferred by  section  fourteen  hundred  seventy-o upon a trustee appointed by bondholders.   * NB  City  of Rome Parking Authority ceased to exist 12/31/2000 per § 1470-b, and thereafter until all liabilities have  been  met/discharged, and all bonds paid/discharged