NY Pub Auth L § 2041-G (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13-AA - Montgomery, Otsego, Schoharie Solid Waste Management Authority 2041-G - Bonds of the Authority.

§  2041-g.  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 as to priority only  to  any  agreements with the holders of outstanding bonds pledging any particular property, revenues or  moneys.  The  authority  may  also enter   into  loan  agreements,  lines  of  credit  and  other  security agreements and obtain for or on its behalf letters  of  credit  in  each case  for  securing  its bonds or to provide direct payment of any costs which the authority is authorized to pay.   2. Bonds shall be authorized by resolution of  the  authority,  be  in such  denominations  and bear such date or dates and mature at such time or times, as such  resolution  may  provide,  provided  that  bonds  and renewals  thereof  shall  mature  within  thirty  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 and notes shall be subject to such terms of  redemption, bear  interest  at  such  rate or rates, be payable at such times, be in registered form, 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, in such manner and from time to time, as the authority shall determine, provided that no bonds of the authority, other than obligations designated as notes, shall be sold  by the  authority  at  private  sale unless such sale and the terms thereof have been approved in writing by the state comptroller, where such  sale is not to the comptroller, or by the state director of the budget, where such  sale  is  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.   3.  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 revenues, other moneys or property of  the  authority  to  secure the payment of the bonds, or any costs of issuance thereof, including but not limited to any  contracts,  earnings or  proceeds  of any grant to the authority received from any private or public source subject to such agreements with bondholders  as  may  then exist;  (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, mortgage, deed 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 trustees appointed by the bondholders  pursuant  to section two thousand forty-one-h 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 in any  way affect  the  security  or  protection  of  the  bonds  or the rights and remedies of bondholders.   4. 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 property and the entrusting, pledging or creation of any other security interest in any such revenues, moneys or property 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.   5. 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.   6. 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 the purposes of the uniform commercial code, subject only to the provisions of the bonds for registration.   7. 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.   8. 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  (i)  if  the  bonds  are  then redeemable, the redemption price then applicable, plus  accrued  interest  to  the  next interest payment date or, (ii) if the bonds are not then redeemable, the redemption  price  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.