NY Pub Auth L § 2059 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 14 - Broome County Sports Center Authority 2059 - Bonds of the Authority.

*  §  2059.  Bonds  of  the authority. a. The authority shall have the 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 its corporate purposes in the aggregate principal amount of not exceeding one million dollars. The authority shall have power from  time to  time  and 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 other purpose hereinabove  described.  In computing  the  total  amount of bonds of the authority which may at any time be outstanding the amount of the outstanding bonds to  be  refunded from  the proceeds of the sale of new bonds or by exchange for new bonds shall be excluded. Except as may otherwise be expressly provided by  the authority,  the bonds of every issue shall be general obligations of the authority payable out of  any  moneys  or  revenues  of  the  authority, subject  only  to  any  agreements  with the holders of particular bonds pledging any particular moneys or revenues.   b. 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 thirty years from their respective dates, bear interest at such rate  or rates,  not  exceeding  five  per  centum  per annum payable annually or semi-annually, be in such denominations, be in such form, either  coupon or  registered,  carry such registration privileges, be executed in such manner, be payable in lawful money of the United States  of  America  at such  place  or places, and be subject to such terms of redemption prior to maturity, at par or a price not exceeding one hundred five per centum of the face value, as such resolution or resolutions  may  provide.  The bonds  of the authority may be sold at public or private sale. The bonds shall be sold for a price not less than ninety-eight per centum  of  the par  value  thereof,  plus  accrued  interest,  provided always that the interest cost on such bonds shall not exceed five per centum per annum.   c. Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions, which shall be a part of the contract with the holders of the bonds thereby authorized, as to  (1) pledging all or any part of the revenues of the project to  secure the payment of the bonds, subject to such agreements with bondholders as may then exist;  (2) the rentals, fees and other charges to be charged, and the amounts to  be  raised  in each year thereby, and the use and disposition of the revenues;  (3) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (4) limitations on the right of the authority to restrict and regulate the use of the project;  (5) limitations on the purpose to which the proceeds of  sale  of  any issue  of  bonds  then  or  thereafter  to  be issued may be applied and pledging such proceeds to secure the payment of  the  bonds  or  of  any issue of the bonds;  (6)  limitations  on  the issuance of additional bonds; the terms upon which additional bonds may be  issued  and  secured:  the  refunding  of outstanding or other bonds;  (7)  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;  (8) limitations on the amount of moneys derived from the project to be expended   for  operating,  administrative  or  other  expenses  of  the authority;  (9) vesting in a trustee or trustees such property, 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  seventeen  hereof  and  limiting  or abrogating  the right of the bondholders to appoint a trustee under said section or limiting the rights, duties and powers of such trustee;  (10) any other matters, of like or different character, which  in  any way affect the security or protection of the bonds.   d.  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 the 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.   e. Neither the members 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.   f. The authority shall have power out of any funds available  therefor to purchase bonds. The authority shall cancel such bonds.   * NB Authority dissolved September 1, 1977