2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 16* - Jamestown Parking Authority › 1599-III*2 - Bonds of the Authority.

* §  1599-iii. Bonds of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue its negotiable
bonds for any purposes mentioned in section one  thousand  five  hundred
ninety-nine-ddd  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  three  million  dollars  outstanding  at  any  one  time. The
authority shall have power from time to time whenever it deems refunding
expedient, 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 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. Notwithstanding the fact that the bonds may be payable from  a
special  fund, if they are otherwise of such form and character as to be
negotiable instruments under the terms of the negotiable instruments law
(constituting chapter thirty-seven of the consolidated laws)  the  bonds
shall  be  and are hereby made negotiable instruments within the meaning
of and for all the purposes of the negotiable instruments  law,  subject
only to the provisions of the bonds for registration.
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, not exceeding seven per centum  per  annum  payable  annually  or
semi-annually, be in such denominations, be in such forms, 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.
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 or 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 bond 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   one   thousand   five   hundred
ninety-nine-ppp 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  one
thousand  five  hundred ninety-nine-hhh 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 one thousand five hundred ninety-nine-ooo of this title  upon
a trustee appointed by bondholders.
* NB Authority ceased to exist 04/01/1977
* NB There are 2 § 1599-iii's