NY Pub Auth L § 706 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 8 - Ogdensburg Bridge Authority 706 - Bonds of the Authority.

§  706. Bonds of the authority.  1. The authority shall have power and is hereby authorized from time to time to issue its negotiable bonds  in conformity  with applicable provisions of the uniform commercial code in such amount as may be necessary to  pay  the  cost  of  the  bridge  and approach  roads  herein  authorized  and the cost of all land, property, rights, easements and franchises deemed necessary for  the  construction thereof,  and  to  pay interest prior to and during construction and for one year  after  completion  of  construction,  for  reconstruction  and upgrades  to  the  bridge,  the  purchase  price of the ferry or ferries authorized  to  be  acquired,  the  repayment   of   any   advances   or appropriations  made  by the state of New York to the authority and such other expenses as may be deemed necessary or incident to  the  financing and to the construction of the bridge and approach roads, and to placing the  same in operation, and infrastructure, upgrade and expansion at the Ogdensburg international airport.   2. The authority shall have 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 the purpose  of  refunding bonds  of  the authority theretofore issued, but the aggregate principal amount of such refunding bonds shall not exceed the aggregate  principal amount  of  the  bonds  to  be  refunded  and  the amount of the accrued interest and the premium required to be paid upon such bonds  by  reason of redemption before maturity.   3. The bonds shall be authorized by resolution of the board. The bonds shall  be dated, shall bear interest at such rate or rates not exceeding six per centum per annum, shall mature at such time or times all as  may be  determined  by  the  authority  and  may  be  made redeemable before maturity, at the option of the authority, at such price  or  prices  and under  such  terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form and the manner of execution of the bonds, including any interest coupons  to be  attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and  interest, which  may  be at any bank or trust company within or without the state. In case any officer whose signature or a facsimile  of  whose  signature shall  appear  on  any  bonds  or coupons shall cease to be such officer before the delivery of such bonds,  such  signature  or  such  facsimile shall  nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bond may  bear the  facsimile  signature of, or may be signed by, such person as at the actual time of the execution of such bond shall be  duly  authorized  to sign  such  bond  although  at the date of such bond such person may not have been such officer. The bonds may be issued in  coupon  form  or  in registered form or both coupon form and registered form as the authority may  determine,  and  provisions  may  be  made by the authority for the registration of any coupon bond as to principal alone  and  also  as  to both  principal  and interest, for the reconversion into coupon bonds of any bonds registered as to both principal  and  interest,  and  for  the exchange  of either coupon bonds or registered bonds without coupons for an equal aggregate principal amount of other coupon bonds or  registered bonds  without  coupons  or  both  of any denomination or denominations. Notwithstanding any other provisions of this title or  any  recitals  in the  bonds  issued  under  the  provisions of this title, all such bonds shall be deemed to be negotiable instruments under the laws of the state of New York. The authority may sell such  bonds  at  public  or  private sale,  to  the  bidders  who shall offer the lowest interest cost to the authority, at such a price, not less  than  ninety-five  per  centum  of their  value,  that the interest cost to maturity for the money received  for any issue of such bonds shall not exceed six per centum  per  annum. Prior  to  the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary  bonds,  with  or without coupons, exchangeable for definitive bonds when such bonds shall have  been  executed  and  are available for delivery. The authority may also provide for  the  replacement  of  any  bonds  which  shall  become mutilated  or  shall  be  destroyed  or lost. Bonds may be issued by the authority  under  the  provisions  of  this  title  without  any   other proceedings  or  the  happenings  of any other conditions or things than those proceedings, conditions or things which are specifically  required by this title.   4.  Any  resolution  or  resolutions authorizing 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  the  tolls  and revenues of the authority to secure the payment of the bonds;  (b) the rates of the tolls to be charged for use of  the  bridge,  the amounts  to be raised in each year by tolls, and the use and disposition of the tolls and other revenues;  (c) the setting aside of reserves or sinking funds, and the regulation and disposition thereof;  (d) limitations on  the  rights  of  the  authority  to  restrict  and regulate the use of the bridge;  (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;  (f) limitations on the issuance of additional 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 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.   5.  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 bridge and the  ferry  or  ferries,  and  the  custody, safeguarding  and  application  of  all moneys, and may provide that the bridge and approach roads shall be constructed and paid  for  under  the supervision  and  approval  of consulting engineers. Notwithstanding any other provisions 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 bridge and the ferry or ferries 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 repair of the bridge. 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, in addition to other powers granted by such trust  indenture,  all  of  the powers  which are conferred by section seven hundred seven of this title upon a trustee appointed by bondholders.    6. 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  tolls  or  other  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.   7. Neither the members of the authority nor any person  executing  any bonds  shall  be  liable  personally  on  the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.   8. The authority shall have power out of any funds available  therefor to  purchase  any  of  the outstanding bonds at a cost not exceeding the redemption price of the bonds purchased as fixed by  the  resolution  of the  authority  which  authorized their issuance. All bonds so purchased shall be cancelled.   9. No bonds shall be issued by the authority, except with the approval and consent of the comptroller of the  state  of  New  York,  until  and unless  assurance, by appropriate legislation, agreements, or otherwise, shall have been obtained that Canada, the province of  Ontario  and  the municipality  or  municipalities  in  which the Canadian terminal of the bridge is to be located will exempt  the  property  and  income  of  the authority from taxation so long as such bonds are outstanding.