NY Pub Auth L § 2467 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 19 - New York State Sports Authority 2467 - Bond and Note Authorization.

* § 2467. 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  sport  facilities, including  but  not  limited to buildings, structures, parking and other facilities ancillary or  appurtenant  to  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 three hundred fifty 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-four hundred seventy-five 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 the  construction, maintenance,  operation,  repairs  and insurance of a sports facility or sports facilities and the safeguarding and application of all moneys;  (p) the payment of the proceeds of bonds  and  revenues  of  a  sports facility  or sports facilities to a trustee or other depositary, 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 (Disbanded March, 1980)