NY Pub Auth L § 881 (2021)
2021 New York Laws PBA - Public Authorities Article 4 - Market Authorities Title 4 - Genesee Valley Regional Market Authority 881 - Bonds of the Authority.

§  881.  Bonds of the authority. 1. The authority shall have power and is hereby authorized from time to time  to  issue  negotiable  bonds  in conformity  with  applicable  provisions of the uniform commercial code, for any corporate purpose of the authority.  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.  Except  as  may  be  otherwise  expressly provided by contract between the authority and the holders of its bonds, all  bonds  of the authority shall be general obligations payable out of any moneys or revenues of the authority, subject only to any  agreements with  the holders of particular bonds the payment of which is secured by a pledge of particular moneys or revenues.   2. Such 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 four 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 three per centum of the face value, as such resolution or resolutions may provide. All bonds shall be sold at public sale upon sealed  bids,  after  public notice,  to  the  bidder who shall offer the lowest interest cost to the authority to be determined by the board; provided that bonds may be sold at private sale, without notice, to the United States of America  or  to the  state  of  New  York  or to any sinking fund or pension fund of the state of New York or any municipality thereof. The notice of sale  shall be  published  at least once, not less than ten nor more than forty days before the  date  of  sale,  in  a  financial  newspaper  published  and circulated  in  the  city  of  New York and designated by the board. The notice shall call for the receipt of sealed bids and shall fix the date, time and place of sale. 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 to maturity of the money received for any issue of such bonds shall not exceed four per centum per annum.   3. Any resolution or resolutions authorizing the issuance of any bonds may  contain  provisions, which shall be a part of the contract with the holders of the bonds thereby authorized, as to:  (a) Pledging all or any part of the  gross  or  net  revenues  of  the authority to secure the payment of the bonds, subject to such agreements with bond holders as may then exist;  (b)  The  rentals, fees and other charges to be charged for the use of market facilities, and the amounts to be raised in  each  year  thereby, and the use and disposition of revenues of the authority;  (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 market facilities;  (e) Limitations on the purpose to which the proceeds of  the  sale  of any issue of bonds then or thereafter to be issued may be applied;  (f)  Limitations  on  the  issuance of additional bonds, including the terms upon which additional bonds may be issued and secured;  (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 give consent thereto, and the manner in which such consent may be given; and  (h)  Any  other  matters, of like or different character, which in any way affect the security or protection of the bonds.   4.  Any pledge of revenues or other moneys made by the authority shall be valid and binding from the time when the pledge is made. The revenues or other moneys so pledged and  thereafter  received  by  the  authority shall  be  immediately  subject  to  the lien of such pledge without any physical delivery thereof or further act. 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.   5. 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 by reason of the issuance thereof,  excepting  solely for things willfully done or willfully omitted to be done with an intent to defraud.   6.  The authority shall have power out of any funds available therefor to purchase any of its outstanding bonds at a price not  more  than  the principal  amount  thereof  and accrued interest. All bonds so purchased shall be cancelled.