2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 13-B - Onondaga County Resource Recovery Agency › 2045-H - Bonds of the Agency.

§  2045-h. Bonds of the agency. 1. The agency shall have the power and
is hereby authorized from time to time to  issue  bonds,  in  conformity
with  applicable  provisions  of  the  uniform  commercial code, 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 agency 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 agency 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 agency may be general  obligations  secured
by  the  faith  and  credit  of the agency or may be special obligations
payable solely out of particular revenues or  other  moneys  as  may  be
designated  in the proceedings of the agency 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.
2.  Bonds  shall be authorized by resolution of the agency, be in such
denominations and bear such date or dates, mature at such time or times,
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.  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 agency shall determine.
Bonds of the agency shall not be sold by  the  agency  at  private  sale
unless  such sale and the terms thereof have been approved in writing by
the comptroller, where such sale is not to the comptroller,  or  by  the
director of the budget, where such sale is to the comptroller.
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  agency  to  secure  the payment of the bonds, including but not
limited to any contracts, earnings or  proceeds  of  any  grant  to  the
agency received from any private or public source;
(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  agency and the amount to be raised in each year thereby and the
use and disposition of revenues;
(e) limitations on the right of the agency 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 agency may determine which may include any or
all  of  the  rights,  powers and duties of the trustee appointed by the
bondholders pursuant to section two thousand forty-five-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
such trustee;
(k)  defining  the  acts  or  omissions  to act which may constitute a
default in the obligations and duties of the agency 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  agency  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 agency;
(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  agency  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  agency  to
secure  its  bonds,  the  agency shall have power in connection with the
issuance of bonds to enter into such agreements as the agency  may  deem
necessary,  consistent or desirable concerning the use or 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  agency
would  have  the  right  to  do  in the absence of such agreements.  The
agency shall have power to enter into amendments of any such  agreements
within  the  powers  granted  to the agency 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 agency.
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  agency 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   agency
irrespective  of  whether  or  not  such parties have notice thereof. No
instrument by which such a pledge or security interest  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 agency 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 agency, subject to such agreements with bondholders as then may
exist, shall have power out of any moneys available therefor to purchase
bonds  of the agency, which shall thereupon be cancelled, at a price not
exceeding (i) if the bonds are then  redeemable,  the  redemption  price
then  applicable,  plus  accrued  interest  to the next interest payment
date, (ii) 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.