NY Arts & Cult Aff L § 20.19 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title E - New York State Cultural Resources Act Article 20 - New York State Cultural Resources Act 20.19 - Security for Bonds or Notes.

§ 20.19. Security for bonds or notes. 1. The principal of and interest   on  any  bonds  or notes issued by a trust may be secured by a pledge of   any revenues and receipts of the trust, including without limitation the   receipt of sums as tax-equivalency payments or loan repayments, and  may   be  secured  by  a  lease,  loan  agreement,  mortgage, pledge, security   interest or other instrument covering all or any part of a  combined-use   facility  or  cultural facility as authorized by this article, including   any additions, improvements, extensions to or  enlargements  of  such  a   facility  thereafter  made.  Bonds  or  notes  issued for a combined-use   facility or cultural facility as authorized by this article may also  be   secured  by  an assignment of any lease of such combined-use facility or   cultural facility as authorized by this article and by an assignment  of   the  revenues  and  receipts  of  a trust from any such lease and by the   assignment  of  any  loan  agreement  with  a   participating   cultural   institution and by an assignment of the revenues and receipts of a trust   from  any  such  loan  agreement  and by the assignment of any mortgage,   pledge, security interest or other  instrument  covering  a  combine-use   facility or cultural facility.2.  A  trust may provide in any proceedings under which bonds or notes   may be authorized for the time and manner  of  and  the  requisites  for   disbursements  for  the  cost  of  a  combined-use  facility or cultural   facility authorized by  this  article,  and  for  all  certificates  and   approvals  of  construction  and  disbursements  as the trust shall deem   necessary.3. Any pledge  by  a  trust  of,  or  security  interest  granted  in,   earnings,  revenues or other monies, including tax-equivalency payments,   accounts,  contract  rights,  general  intangibles  or  other   personal   property  shall  be  valid  and binding from the time when the pledge is   made; the earnings, revenues or other monies so pledged  and  thereafter   received  by  the trust shall immediately be subject to the lien of such   pledge or other security interest, without any physical delivery of  the   collateral  thereof  or  further act, and the lien of any such pledge or   other security interest shall  be  valid  and  binding  as  against  all   parties having claims of any kind in tort, contract or otherwise against   the  trust  irrespective of whether such parties have notice thereof. No   resolution or any other instrument by which a pledge or  other  security   interest  is  created  need  be  recorded, and no notice thereof need be   filed in any public office.4. In the discretion of a trust, the bonds may be secured by  a  trust   indenture,  which  may  contain any lawful provisions for protecting and   enforcing the rights and remedies of the bondholders, by and between the   trust and a corporate trustee, as distinguished from  a  member  of  the   board  of  trustees  of  a trust, which may be any trust company or bank   having the powers of a trust company in the state.  A trust may  provide   by such trust indenture for the payment of the proceeds of the bonds and   the  revenues of a combined-use facility or cultural facility authorized   by this article 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.  If the bonds shall  be   secured  by a trust indenture the bondholders shall have no authority to   appoint a separate trustee to represent them.