NY Pub Auth L § 1599-I-2 (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 14* - City of Cohoes Parking Authority 1599-I*2 - Bonds of the Authority.

* §  1599-i.  Bonds  of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue its negotiable bonds for any purpose mentioned in section fifteen hundred ninety-nine-d hereof, including  the  acquisition,  construction,  reconstruction  and repair of personal and real property of all kinds deemed by the board to be  necessary  or desirable to carry out such purpose, as well as to pay such expenses as may be deemed by the board necessary  or  desirable  to the  financing  thereof and placing the project or projects in operation in the  aggregate  principal  amount  of  not  exceeding  three  hundred thousand  dollars  outstanding at any one time. 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. The refunding bonds may be exchanged  for  the  bonds  to  be refunded,  with  such  cash adjustments as may be agreed, or may be sold and the proceeds applied to the purchase or payment of the bonds  to  be refunded.  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. Notwithstanding the fact that the bonds may be payable  from  a  special fund,  if  they  are  otherwise  of  such  form  and  character as to be negotiable instruments under article eight  of  the  uniform  commercial code  the  bonds  shall  be  and  are hereby made negotiable instruments within the meaning of and for all the purposes of article eight  of  the uniform commercial code, subject only to the provisions of the bonds for registration.   2.  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, as such resolution or resolutions may provide. The bonds may be sold  at  public or  private  sale  for  such  price  or  prices  as  the authority shall determine, but which shall not at the time of sale yield more than  five per centum per annum.   3. 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 (a) pledging all or any part of the revenues of a project or projects to secure the  payment of  the  bonds,  subject to such agreements with bondholders as may then exist;  (b) 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;  (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 a project;  (e)  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;  (f)  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;  (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 thereof, and the manner in which such consent  may be given;  (h)  limitations  on the amount of moneys derived from a project to be expended  for  operating,  administrative  or  other  expenses  of   the authority;  (i) 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 the rights, powers and duties  of  the  trustees  appointed  by  the bondholders  pursuant  to  section fifteen hundred ninety-nine-p 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;  (j) any other matters, of like or different character,  which  in  any way affect the security or protection of the bonds.   4.  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.   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 or accountability by reason of the issuance thereof.   6. The authority shall have power out of any funds available  therefor to  purchase bonds. The authority may hold, cancel or resell such bonds, subject to and in accordance with agreements with bondholders.   7. In the discretion of the authority, the bonds may be secured  by  a trust  indenture  by  and between the authority and a corporate trustee, which may be any trust company or bank having  the  powers  of  a  trust company  in the state of New York. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies  of  the bondholders as may be reasonable and proper and not in violation of law, including  covenants  setting  forth  the  duties  of  the  authority in relation  to  the  construction,  maintenance,  operation,  repair   and insurance  of  the project or projects and the custody, safeguarding and application of all moneys, and may provide that the project or  projects shall  be constructed and paid for under the supervision and approval of consulting engineers. Notwithstanding the provisions of section  fifteen hundred  ninety-nine-h  of  this title the authority may provide by such trust indenture for the payment of the proceeds of  the  bonds  and  the revenues  of  the  project  or  projects to the trustee under such trust indenture or other  depository,  and  for  the  method  of  disbursement thereof,  with such safeguards and restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation, and repairs of the project  or projects. If the bonds shall be secured by  a  trust  indenture,  the bondholders  shall  have  no  authority to appoint a separate trustee to represent them, and the trustee under such trust  indenture  shall  have and  possess  all  of  the powers which are conferred by section fifteen hundred ninety-nine-p upon a trustee appointed by bondholders.   * NB Authority terminated 07/01/1974   * NB There are 4 § 1599-i's