NY Pub Auth L § 1596-I (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 11 - City of Yonkers Parking Authority 1596-I - Bonds of the Authority.

§  1596-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 in conformity with applicable provisions of the uniform commercial code for any purpose mentioned in section fifteen  hundred  ninety-six-d of  this  title, 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 sixty million dollars. Said bonds must be issued no later than June thirtieth, two thousand thirty-one. The authority shall have  power  from  time  to time  and  whenever  it  deems refunding expedient, to refund any bonds, including the unpaid balance of the authority's  revenue  bonds,  Series 1999A,  dated  June  twenty-ninth,  nineteen  hundred  ninety-nine,  the issuance of which is hereby ratified and confirmed, 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.   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, 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; provided, however,  that  any  private sale  shall  be  subject  to the approval of the state comptroller where such sale is not to the comptroller, or the director of the budget where such sale is to the comptroller.   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 thereto, 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 of the rights, powers and duties of the  trustee  appointed  by  the bondholders  pursuant  to  section  fifteen hundred ninety-six-o of this title 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-six-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-six-o  of  this  title  upon  a  trustee  appointed  by bondholders.