NY Pub Auth L § 1187 (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 8 - Buffalo Sewer Authority 1187 - Bonds of the Authority.

§  1187. Bonds of the authority. 1. The authority shall have power and is hereby authorized from time to time to issue its negotiable bonds  in conformity with applicable provisions of the uniform commercial code for any  of  its  corporate  purposes.  The total amount of bonds issued and outstanding at any one time shall not exceed in the aggregate the sum of two hundred fifty million dollars, excluding  bonds  or  notes  for  the payment  or  redemption  of  which  there has been set aside and held in trust  either  moneys,  or  direct  and  general  obligations   of,   or obligations  guaranteed by, the United States of America, or obligations secured by such obligations, or any combination thereof,  which  are  or will  be  sufficient  to  pay  when  due  the  principal  or  applicable redemption price and all accrued interest thereon and, if such bonds  or notes  are to be redeemed, for which notice of redemption has been given or satisfactory provision has been made for the giving of  such  notice. 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 or are then subject to redemption, and may issue bonds partly to refund  bonds  then outstanding and partly for any of its corporate purposes.   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 forty  years  from their respective dates, bear interest at such rate or rates per annum payable at such time or times, be in such denominations, be in such form, either coupon or registered,  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  of redemption,  with  or without premium, 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, provided that bonds, exclusive of notes, shall not be sold at private sale unless  the  board of the authority makes a written determination, setting forth the reason therefore,  that a private sale is in the best interest of the authority and such determination, private sale and the  terms  thereof  have  been approved in writing by (a) the state comptroller, where such sale is not to the state comptroller, or (b) the state director of the budget, where such sale is to the state 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.   3. Any resolution or resolutions authorizing  any  bonds  may  contain provisions,  which  shall  be a part of the contract with the holders of the bonds, as to  (a) pledging all or any part of the  gross  or  net  revenues  of  the authority to secure the payment of the bonds;  (b) the rates, rentals and other charges to be imposed and the amounts to be raised in each year by such rates, rentals and charges and the use and disposition thereof and of any other 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 its facilities;  (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;  (f) limitations on the issuance of additional bonds;  (g) the time when the project shall be deemed to be completed, or  the method  of  determining  such  time,  and  the time when the certificate provided for in section fourteen hundred four of this chapter  shall  be filed;  (h)  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.  (i) the refunding of outstanding or other bonds;  (j)  the creation of special funds into which any earnings or revenues of the authority may be deposited;  (k) 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  ninety-two  hereof,  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;  (l) the  payment  of  the  proceeds  of  bonds  and  revenues  of  the properties  to  a  trustee  or  other  depositary, and for the method of disbursement thereof  with  such  safeguards  and  restrictions  as  the authority may determine;   4. Neither the members of the board nor any person executing the bonds shall  be  liable  personally  on  the  bonds  by reason of the issuance thereof.   5. The authority shall have power out of any funds available  therefor to  purchase  any  bonds  issued  by  it  at  a  price not more than the principal  amount  thereof  and  the  accrued  interest.  All  bonds  so purchased shall be cancelled.   6. It is the intention of the legislature that any pledge of earnings, revenues  or  other  moneys  made  by  the  authority shall be valid and binding from the time when  the  pledge  is  made;  that  the  earnings, 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.