NY Pub Auth L § 1020-H-2 (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 1-A* - Green Island Power Authority 1020-H*2 - Bonds and Notes of the Authority.

* §  1020-h.  Bonds and notes of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds in conformity with applicable provisions of the uniform commercial  code for  any  of  its  corporate  purposes, including incidental expenses in connection therewith, and to secure the  payment  of  the  same  by  the pledge  of  the  revenues of the authority or by lien on the property of the authority. 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. Bonds issued  by  the  authority  may  be general  obligations secured by the faith and credit of the authority or may be special obligations payable out of particular revenues  or  other moneys  of  the authority 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 moneys, earnings or revenues.   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, guaranty 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 both, 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  guaranty, 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. The bonds shall be authorized by resolution of  the  authority  and shall bear such date or dates, mature at such time or times, except that bonds  and  any  renewal  thereof shall mature within forty years of the date of their original issuance and notes and any renewal thereof  shall mature  within  five  years of the date of their original issuance, bear interest at such rate or rates per annum payable at such  times,  be  in such denominations, 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 or resolutions may provide. Such bonds of the  authority  may be  sold  at  public  or  private  sale  for such price or prices as the authority shall determine, provided that no issue of bonds may  be  sold at  private  sale unless the terms of such sale shall have been approved in writing by (i) the comptroller,  where  such  sale  is  not  to  such comptroller,  or  (ii) the director of the budget, where such sale is to such comptroller. The foregoing provisions shall be applicable to  bonds issued  by  the  authority  notwithstanding  the provisions of any other general, special or local law to the contrary.   4. Any resolution or resolutions  of  the  authority  authorizing  any 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  revenues  of  the  authority, together with any other moneys, securities, contracts or property 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 the proceeds of sale of any issue of bonds may be applied and pledging such proceeds to  secure  the payment of the bonds or any issue of the bonds;  (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,  including  the  proportion  of bondholders  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  other moneys 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 one thousand twenty-i of this title, 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 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 its properties or any part thereof;  (m) limitations on the amount of moneys or revenues 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  depositary,  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  properties 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 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. Neither the resolution nor any other instrument by which such pledge or security interest is created nor any financing statement relating thereto need be recorded or filed.   7.  Whether  or  not  the  bonds of the authority 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 nor officers 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.   9. The authority, subject to such agreements with bondholders as  then may  exist,  shall  have  power  out  of any funds available therefor to purchase bonds of the authority, which shall thereupon be cancelled.   10. The authority shall have power and is hereby authorized  to  issue negotiable   bond  anticipation  notes  in  conformity  with  applicable provisions of the uniform commercial code and may renew  the  same  from time  to  time  but  the  maximum  maturity  of any such note, including renewals thereof, shall not exceed five years from the date of issue  of such  orginal  note.  Such  notes  shall  be paid from any moneys of the authority available therefor and  not  otherwise  pledged  or  from  the proceeds  of sale of the bonds of the authority in anticipation of which they were issued. The notes shall be issued in the same  manner  as  the bonds  and  such notes and the resolution or resolutions authorizing the same may contain any provisions, conditions  or  limitations  which  the bonds  or a bond resolution of the authority may contain. Such notes may be sold at public or private sale  for  such  price  or  prices  as  the authority  shall  determine, provided that no issue of notes may be sold at private sale unless the terms of such sale shall have  been  approved in  writing  by  (i)  the  comptroller,  where  such sale is not to such comptroller, or (ii) the director of the budget, where such sale  is  to such comptroller.   * NB There are 2 § 1020-h's