NY Pub Auth L § 2053-J (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13-M - Rockland County Solid Waste Management Authority 2053-J - Bonds of the Authority.

§  2053-j.  Bonds  of  the  authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds or notes in such principal amounts as it may determine to be necessary to pay the cost of any project  or  for  any  other  corporate  purpose,  including incidental  expenses  in  connection therewith. The authority shall have power and is hereby authorized to enter into such agreements and perform such acts as may be required under any applicable federal legislation to secure a federal guarantee of any bonds. 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.  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 moneys as may be designated in the proceedings of  the  authority  under which  the  bonds  shall  be  authorized to be issued and subject to any agreements with the holders of outstanding bonds pledging any particular revenues or moneys. 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 in each case  for  securing  its  bonds  or  to provide direct payment of any costs which the authority is authorized to pay.   2.  Bonds  shall  be  authorized by resolution of the authority, be in such denominations, bear such date or dates and mature at such  time  or times  as  such  resolution  shall  provide,  except  that notes and any renewals thereof shall mature within five years from  the  date  of  the original issuance and bonds and any renewals thereof shall mature within thirty years from the date of the original issuance of any such bonds or notes. The bonds and notes shall be subject to such terms of redemption, bear  interest  at  such rate or rates 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. Bonds may be sold at public or private sale  for such  price  or  prices  as  the authority shall determine. Bonds of the authority shall not be sold by the authority at private sale unless such sale and the terms thereof have been approved in writing  by  the  state comptroller  where such sale is not to be to such comptroller, or by the state director of the budget where such sale is to said comptroller. The authority may pay all expenses, premiums and commissions  which  it  may deem  necessary or advantageous in connection with the issuance and sale of bonds.   3. Any resolution or resolutions authorizing bonds  or  any  issue  of bonds  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 any part of the revenues, other moneys or property of the authority to secure the payment of the bonds, including  but  not limited  to,  any  assets, contracts, investment securities, 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, the amount of bonds the holders of 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 moneys may be deposited;  (i) the terms and provisions of any trust, 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 section two thousand fifty-three-i of this title and limiting or  abrogating  the  rights  of  the  bondholders  to appoint  a trustee under such section or limiting the rights, duties and powers of the 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  the appointment  of  a  receiver,  provided,  however,  that such rights and remedies shall not be inconsistent with the general 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;  (m) limitations on the amount of  revenues  and  other  moneys  to  be expended   for  operating,  administrative  or  other  expenses  of  the authority;  (n) the payment of the proceeds of bonds, revenues and other moneys 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 bondholders.   4.  In  addition  to the powers herein conferred upon the authority to secure its bonds, the authority shall have power in connection with  the issuance  of  bonds  to  enter into such agreements as the authority may deem  necessary,  consistent  or  desirable  concerning   the   use   of disposition  of  its revenues or other moneys or property, including the mortgaging of any property and the entrusting, pledging or  creation  of any other security interest in any such revenues, moneys 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 agreements. The authority shall have power to enter  into  amendments  of  any  such agreements  within the powers granted to the authority by this title and to perform such agreements. The provisions of any such agreements may be made a part of the contract with the holders of bonds of the authority.   5. Any provision of  the  uniform  commercial  code  to  the  contrary notwithstanding,  any  pledge of or other security interest in revenues, moneys, 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  is created nor any financing statement need be recorded or filed.   6. Whether or not the bonds 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.   7. Neither the members of the authority nor any person executing bonds shall  be  liable  personally  thereon  or  be  subject  to any personal liability or accountability by reason of the issuance thereof.   8. The authority, subject to such agreements with bondholders as  then may  exist,  shall  have  power  out of any moneys available therefor to purchase bonds of the authority, which shall thereupon be cancelled,  at a  price  not  exceeding  (a)  if  the  bonds  are  then redeemable, the redemption price then applicable, plus  accrued  interest  to  the  next interest  payment  date or (b) 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.