NY Pub Auth L § 1570-H (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 8-A - Harrison Parking Authority 1570-H - Bonds or Notes of the Authority.

§ 1570-h. Bonds or notes of the authority. 1. The authority shall have the  power  and  is  hereby authorized from time to time to issue bonds, notes or other obligations in conformity with applicable  provisions  of the  uniform  commercial code to pay the cost of any project, or for any other corporate purpose, the establishment of  reserves  to  secure  the bonds, the payment of principal of, premium, if any, and interest on the bonds  and  the  payment of incidental expenses in connection therewith. The aggregate principal amount of such bonds, notes or other obligations shall not exceed twenty million dollars, excluding bonds, notes or other obligations issued to refund or repay bonds, notes or other  obligations therefore  issued  for  such  purposes; provided, however, that upon any such refunding or repayment the  total  aggregate  principal  amount  of outstanding bonds, notes or other obligations may be greater than twenty million dollars, only if the present value of the aggregate debt service of the refunding or repayment of bonds, notes or other obligations to be issued  shall not exceed the present value of the aggregate debt service of the bonds, notes or other obligations so to be  refunded  or  repaid. For the purpose of this section, the present value of the aggregate debt service  of the refunding or repayment bonds, notes or other obligations and the aggregate debt service of the bonds, notes or other  obligations refunded  or  repaid  shall  be  calculated  by  utilizing the effective interest rate of the refunding or repayment of  bonds,  notes  or  other obligations,  which  shall  be  that  rate  arrived  at  by doubling the semi-annual  interest  rate  (compounded  semi-annually)  necessary   to discount  the  debt  service  payments  on the refunding or repayment of bonds, notes or other obligations from payment of dates thereof  to  the date  of  issue  of  the refunding or repayment of bonds, notes or other obligations and to the price bid including  estimated  accrued  interest from  the sale thereof. The authority shall have the power and is hereby authorized to enter into such agreements and perform such acts as may be required under any applicable federal law, rule or regulation to  secure a federal guarantee to any bonds.   2. The authority shall have the power from time to time to renew bonds or to issue renewal bonds for such purpose, to issue bonds to pay bonds, and,  whenever  it  deems refunding expedient, to refund any bond 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  purpose of the authority. Bonds issued for refunding purposes shall  be  sold  and  the  proceeds  applied  to  the purchase, redemption or payment of the bonds or notes to be refunded.   3. 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  monies  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  monies.  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,  insurance,  guarantees  or  other credit  enhancements  to  the extent now or hereafter available, in each case for securing its bonds or to provide direct payment  of  any  costs which the authority is authorized to pay.   4. (a) 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.  (b) Bonds shall be subject to such terms of redemption, bear  interest at such rate or rates, be payable at such times, 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 and conditions as such resolution may provide. Notwithstanding any other provision of law,  the  bonds  of the  authority  issued  pursuant  to  this  section shall be sold to the bidder offering the lowest true interest cost, taking into consideration any premium or discount not less than four nor more than  fifteen  days, Sunday excepted, after a notice of such sale has been published at least once  in  a  newspaper  of general circulation in the area served by the authority, which shall state the terms of the sale.  The  terms  of  the sale  may  not  change unless notice of such change is published in such newspaper at least one day prior to the date of the sale as set forth in the original notice of sale. Advertisements shall contain a provision to the effect that the authority, in its discretion, may reject any or  all bids  made  pursuant  to  such  advertisements, and in the event of such rejection, the authority is authorized to negotiate a private or  public sale  or  readvertise for bids in the form and manner described above in this paragraph as many times as, in its judgment, may  be  necessary  to effect satisfactory sale.  (c)   Notwithstanding   the   provisions  of  paragraph  (b)  of  this subdivision, whenever in the judgment of the authority the interests  of the  authority  will  be  served  thereby,  the  board,  on  the written recommendation of the chairperson may authorize the sale of  such  bonds at  private  or  public  sale  on  a  negotiated  basis  or  on either a competitive or negotiated basis.  The  authority  shall  set  guidelines governing  the terms and conditions of any such private or public sales. The private or public bond sale guidelines set by  the  authority  shall include,  but  not be limited to, a requirement that where the interests of the authority will be served by a private or public  sale  of  bonds, the authority shall select underwriters taking into account, among other things,  qualifications  of underwriters as to experience, their ability to structure and sell authority bond issues, anticipated  costs  to  the authority,  the prior experience of the authority with the firm, if any, the capitalization of such firms, participation  of  qualified  minority and  women-owned  business  enterprise  firms  in such private or public sales of bonds of the authority and the experience and ability of  firms under  consideration  to  work  with  minority  and women-owned business enterprises  so  as  to  promote  and  assist  participation   by   such enterprises.  (d) The authority shall have the power from time to time to amend such private  bond  sale guidelines in accordance with the provisions of this subdivision.  (e) No private or public bond sale on  a  negotiated  basis  shall  be conducted   by  the  authority  without  prior  approval  of  the  state comptroller. The authority shall annually prepare  and  approve  a  bond sale  report  which  shall  include  the  private  or  public  bond sale guidelines  as  specified  in  this  subdivision,  amendments  to   such guidelines  since  the  last  private  or  public  bond  sale report, an explanation of the bond sale guidelines and amendments, and the  results of  any  sale  of bonds conducted during the fiscal year. Such bond sale report may be a part of any other annual report that  the  authority  is required to make.  (f)  The  authority  shall annually submit its bond sale report to the state comptroller and copies thereof to the senate finance committee and the assembly ways and means committee.  (g) The authority shall make available to the  public  copies  of  its bond sale report upon reasonable request thereof.  (h)  Nothing  contained  in this subdivision shall be deemed to alter, affect the validity of, modify the terms of, or impair any  contract  or agreement  made  or  entered into in violation of, or without compliance with, the provisions of this subdivision.   5. Any resolution or resolutions authorizing bonds  or  any  issue  of bonds by the authority 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  part  of the revenues, together with any other monies 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, 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 monies 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  this title 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 appointment of a receiver, provided, however, that such rights  and  remedies  shall not  be  inconsistent with the 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 or other property;  (m)  Limitations  on  the  amount  of  revenues and other monies to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (n) The payment of the proceeds of bonds, revenues and other monies 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 the bondholders.   6.  In  addition  to  the  powers  conferred  by this section upon the authority to secure its bonds, the authority shall  have  the  power  in connection  with  the  issuance  of bonds to adopt resolutions and enter into such trust indentures,  agreements  or  other  instruments  as  the authority may deem necessary, convenient or desirable concerning the use or  disposition  of  its revenues or other monies or property, including the mortgaging of any property and the entrusting, pledging or  creation of  any other security interest in any such revenues, monies 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 resolutions, trust indentures,  agreements  or  other  instruments.  The authority  shall  have  power  to  enter  into  amendments  of  any such resolutions, trust indentures, agreements or  other  instruments  within the  powers  granted  to the authority by this title and to perform such resolutions, trust indentures,  agreements  or  other  instruments.  The provisions  of  any  such  resolutions,  trust indentures, agreements or other instruments may be made a part of the contract with the holders of bonds of the authority.   7. Any provision of  the  uniform  commercial  code  to  the  contrary notwithstanding,  any  pledge of or other security interest in revenues, monies, 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.   8. 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 the purposes of the uniform commercial code, subject only to the provisions of the bonds for registration.   9. Neither the members nor the  officers  of  the  authority  nor  any person executing its bonds shall be liable personally on its bonds or be subject  to  any  personal  liability or accountability by reason of the issuance thereof.   10. Subject to such agreements with bondholders as may then exist, the authority shall have the power to purchase the bonds of  the  authority, in  lieu  of redemption, out of any funds available therefor, at a price not exceeding, if the bonds are then redeemable,  the  redemption  price then applicable plus accrued interest to the next interest payment date, or,  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. Bonds so purchased shall thereupon be canceled.   11. The authority shall have power and is hereby authorized  to  issue negotiable  bond  anticipation  notes  in conformity with the 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 two years from the date of  issue  of such original note.