NY Pub Hsg L § 47 (2021)
2021 New York Laws PBG - Public Housing Article 3 - Municipal Housing Authorities 47 - Bond Covenants of an Authority.

§  47.  Bond  covenants  of  an authority.   1. In connection with the issuance of bonds or the incurring of an obligation, and to  secure  the payment  of  such bonds or obligations, an authority, in addition to its other powers, may: (a) Pledge, covenant to pledge, or  covenant  against pledging,  all  or  any  part  of  its rents, fees, revenues, subsidies, grants or contributions to which its right then exists or may thereafter come into existence; covenant against permitting or suffering  any  lien thereon; it is the intention hereof that any pledge of revenues or other moneys  made  by  the authority shall be valid and binding from the time when the pledge is made, that revenues or other moneys  so  pledged  and thereafter  received by an 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;  (b) Mortgage, covenant to mortgage or covenant against mortgaging, all or  any part of its property, real or personal, then owned or thereafter acquired; covenant against permitting or suffering any lien thereon;  (c) Covenant with respect to limitations on its right to sell,  lease, or otherwise dispose of any project or part thereof;  (d)  Covenant  as  to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition  of the  proceeds thereof; provide for the replacement of lost, destroyed or mutilated bonds;  (e) Covenant as to what other, or additional debts may be incurred  by it;  (f) Covenant that the authority warrants the title to the premises;  (g)  Covenant as to the rents and fees to be charged, the amount to be raised each year or other period  of  time  by  rents,  fees  and  other revenues, and as to the use and disposition to be made thereof;  (h)  Covenant  as  to  the  use of any or all of its property, real or personal;  (i) Create or authorize the creation of special funds segregating  (1) the  proceeds  of any loans, grants, subsidies or contributions; (2) all the rents, fees and revenues of any project or projects; (3) any  moneys held  for  the  payment  of  the  costs  of operation and maintenance of projects, or as a reserve  for  the  meeting  of  contingencies  in  the operation  and  maintenance thereof; (4) any moneys held for the payment of the principal of and interest on its bonds or the sums due under  its leases  or  as  a reserve for such payments; and (5) any moneys held for any other reserves or contingencies; and covenant  as  to  the  use  and disposal of the moneys held in such funds;  (j)  Redeem  the  bonds and covenant for their redemption, and provide the terms and conditions thereof;  (k) Covenant against extending the time for the payment of  its  bonds or interest thereon;  (l)  Prescribe  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;  (m)  Covenant  as  to the maintenance of its property, the replacement thereof,  the  insurance  to  be  carried  thereon,  and  the  use   and disposition of insurance moneys;  (n) Vest in an obligee, in the event of a default by an authority, the right  to  cure any such default and to advance any moneys necessary for such purpose, and covenant that the money so advanced be  an  additional obligation  of  such authority with such interest, security and priority  as may be provided in any resolutions, trust indenture, mortgage,  lease or contract;  (o)  Covenant  and prescribe as to the events of default and terms and conditions upon which any or all of its bonds shall  become  or  may  be declared  due  before  maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived;  (p) Covenant as to the rights, liabilities, powers and duties  arising upon the breach by it of any covenant, condition or obligation;  (q) Covenant to surrender possession of a project or projects or parts thereof  upon  the  happening  of  an  event  of default; and vest in an obligee the right, upon such default, without judicial  proceedings,  to take  possession  and use, operate, manage, and control such projects or any part thereof, and to collect and receive rents,  fees  and  revenues arising  therefrom in the same manner as such authority itself might do, and to dispose of the moneys collected in accordance with the  agreement of such obligee with the authority;  (r) Vest in a trustee or trustees the right to enforce any covenant to secure,  or  pay the bonds, or otherwise relating to such bonds; provide for the powers, duties and limitations of liabilities of such trustee or trustees, and provide the terms and conditions upon which the trustee or trustees, or the holders of  bonds,  or  any  proportion  of  them,  may enforce any such covenant;  (s)  Vest in a government, in a trustee or in other obligee the right, upon any happening of an event of default, to foreclose through judicial proceedings or through the exercise of a power of sale without  judicial proceedings,  any  mortgage  as  to  all  or  such  part or parts of the property covered thereby as such government, trustee  or  other  obligee shall  elect;  the  institution,  prosecution and conclusion of any such foreclosure proceedings or the sale of any such parts of  the  mortgaged property shall not affect in any manner or to any extent the lien of the mortgage  on  the  parts  of the mortgaged property not included in such proceedings or not sold as aforesaid;  (t) Make such other covenants and do any and all such acts and  things as  may  be  necessary or convenient or desirable in order to secure its bonds or make them more marketable, notwithstanding that such covenants, acts or things may not be enumerated  herein;  execute  all  instruments necessary or convenient in the exercise of the powers herein granted, or in  the  performance  of its covenants or duties, which may contain such covenants and provisions, in addition to those above specified,  as  the government or any purchaser of the bonds of an authority may require.   2.  In  case  of conflict between this section and article nine of the uniform commercial code, this section shall control.