NY Pub Auth L § 1120-H (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 6-B - Clifton Park Water Authority 1120-H - Bonds of the Authority.

§  1120-h.  Bonds  of  the  authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds 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 authority shall have power and  is hereby authorized to enter into such agreements and perform such acts as may  be  required  under  any applicable federal legislation to secure a federal guarantee of any bonds. The authority 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  authority  may  be  general obligations secured by the faith and credit of the authority or  may  be special  obligations  payable solely out of particular revenues or other moneys as may be designated in the proceedings of  the  authority  under which  the  bonds  shall be authorized to be issued, subject only to any agreements with the holders of outstanding bonds pledging any particular revenues, earnings, or moneys.   2. The authority is authorized to obtain from any department or agency of the United States of America or  the  state  or  any  nongovernmental insurer  or  financial  institution  any  insurance,  guarantee or other credit support device, to the extent now or hereafter available, as  to, or  for the payment or repayment of interest or principal or premium, or any of the foregoing, or any part thereof, on any bonds  issued  by  the authority  and  to  enter into any agreement or contract with respect to any such insurance or guarantee, except to  the  extent  that  the  same would  in  any way impair or interfere with the ability of the authority to perform and fulfill the terms of any agreement made with the  holders of outstanding bonds of the authority.   3.  Bonds  shall be authorized by resolution of the authority, and may be in such denominations and bear such date or dates and mature at  such time  or times as such resolution may provide, except that bonds and any renewals thereof shall mature  within  forty  years  from  the  date  of original issuance of any such bonds. Obligations with a maturity of five years or less from the date of their original issuance may be designated as  notes.  Bonds  shall  be  subject  to such terms of redemption, bear interest at such rate or rates per annum 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 authority shall determine, provided that no bonds of the authority, other than obligations designated as notes, may  be  sold  by the  authority  at  private  sale unless such sale and the terms thereof have been approved in writing by the comptroller, where such sale is not to be to such comptroller, or by the state director of the  division  of the  budget,  where such sale is to be to the comptroller. The authority may pay all  expenses,  premiums  and  commissions  which  it  may  deem necessary  or  advantageous  in connection with the issuance and sale of bonds.   4. 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 authority, together with any other moneys or property of the authority to secure the payment of the  bonds, including,  but  not  limited to, any contracts, earnings or proceeds of any grant to the authority received from any private or public source;  (b) the setting aside of reserves and the creation  of  sinking  funds and the regulation and disposition thereof;  (c)  limitations on the purpose to which the proceeds from the sale of bonds may be applied;  (d) the rates, rents, fees and other charges to be fixed and collected by the authority and the amount to be raised in each year  thereby,  and the use and disposition of revenues;  (e) limitations on the right of the authority 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, mortgage 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 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 twenty-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 omissions  to  act  which  may  constitute  a default   in  the  obligations  and  duties  of  the  authority  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;  (l)  limitations  on  the  power of the authority 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 authority;  (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 authority may determine; and  (o) any other matters of like or different character which may in  any way  affect  the  security  or protection of the bonds or the rights and remedies of bondholders.   5. In addition to the powers herein conferred upon  the  authority  to secure  its bonds, the authority shall have power in connection with the issuance of bonds to enter into such agreements  as  the  authority  may deem   necessary,   convenient   or  desirable  concerning  the  use  or disposition of its revenues or other moneys or property,  including  the mortgaging  of  any  of  its  property  and  the entrusting, pledging or creation of any other security interest in any such revenues, moneys  or properties and the doing of any act (including refraining from doing any act)  which  the  authority would have the right to do in the absence of such agreements. The authority  shall  have  the  power  to  enter  into amendments  of  any  such  agreements  within  the powers granted to the  authority 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 of the authority.   6.  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 authority 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  otherwise  against  the  authority 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.   7.  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 all purposes of the uniform commercial code, subject only to the provisions of the bonds for registration.   8. Neither the members of the authority 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.   9.  The authority, subject to such agreements with bondholders as then may exist, shall have power out of  any  moneys  available  therefor  to purchase  bonds of the authority, 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 then 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.