2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 14*** - City of Schenectady Parking Authority › 1599-I*4 - Bonds of the Authority.

* §  1599-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 for any purpose mentioned in section fifteen hundred ninety-nine-d
hereof, as well as to pay such expenses, premiums and commissions as may
be deemed by the board necessary or desirable to or in  connection  with
the  acquisition, construction, reconstruction, improving, equipping and
furnishing of any project and the financing thereof, including  surveys,
planning,   provisions  for  capitalized  interest,  reserve  funds  and
appropriate feasibility studies, and for the placing of the  project  or
projects  in  operation  and  to  secure  the  payment  of  the same by,
including but not limited to, a pledge of the revenues of the  authority
or  by a lien on the property of the authority. The authority shall have
power from time to time and 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, payment or redemption  of  the
bonds  to be refunded. The amount of bonds issued by the authority shall
not exceed twenty-five million dollars outstanding at any one  time.  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 any 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 article
eight  of  the uniform commercial code the bonds shall be and are hereby
made negotiable instruments within  the  meaning  of  and  for  all  the
purposes  of  article eight of the uniform commercial code, subject only
to the provisions of the bonds for registration.
2. The authority is authorized to obtain from any department or agency
of the United States of America or  the  state  or  any  nongovernmental
insurer or financial institution any insurance, guaranty or other credit
support  device, to the extent now or hereafter available, as to, or for
the payment or repayment of interest of principal, or both, or any  part
thereof,  on  any  bonds  issued  by the authority and to enter into any
agreement or contract with respect to any such  insurance  or  guaranty,
except  to the extent that the same would in any way impair or interfere
with the ability of the authority to perform and fulfill  the  terms  of
any  agreement  made  with  the  holders  of  outstanding  bonds  of the
authority.
3. The bonds shall be authorized by resolution of the board and  shall
bear such date or dates, mature at such time or times, except that bonds
and  any renewal thereof shall mature within thirty years of the date of
their original issuance, bear interest at such rate  or  rates  as  such
resolution  or  resolutions may provide, be payable at such times, be in
such denominations, be in such form, either coupon or registered,  carry
such  privileges, be executed in a 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 no issue of
bonds may be sold at private sale unless the terms of  such  sale  shall

have been approved in writing by (i) the comptroller, where such sale is
not to such comptroller, or (ii) the state director of the budget, where
such  sale  is  to  the  comptroller.  The foregoing provisions shall be
applicable   to  bonds  issued  by  the  authority  notwithstanding  the
provisions of any other general, special or local law to the contrary.
4. 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,
together with any other moneys, securities, contracts or property of the
authority 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
earnings and the other revenues;
(c)  the  setting aside of reserves and the creation of 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)  the  creation  of  special funds into which any revenues or other
moneys of the authority may be deposited;
(j) the terms  and  provisions  of  any  mortgage  or  trust  deed  or
indenture securing the bonds or under which bonds may be issued;
(k) 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 the rights, powers and duties  of  the  trustees  appointed  by  the
bondholders  pursuant  to  section fifteen hundred ninety-nine-p 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;
(l) 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;
(m)  limitations  on  the  power of the authority to sell or otherwise
dispose of its properties or any part thereof;
(n) limitations on the amount of moneys or revenues to be expended for
operating, administrative or other expenses of the authority;
(o) the payment of the proceeds of bonds, revenues and other moneys to
a trustee or other  depositary,  and  for  the  method  of  disbursement

thereof  with  such  safeguards  and  restrictions  as the authority may
determine; and
(p)  any  other  matters, of like or different character, which in any
way affect the security or protection of the bonds.
5. 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,   convenient   or  desirable  concerning  the  use  or
disposition of its revenues or other moneys or property,  including  the
mortgaging  of  any  of  its  properties and the entrusting, pledging or
creation of any other security interest in any such revenues, moneys  or
properties 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.
6.  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.
7. 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.
8. The authority shall have power out of any funds available  therefor
to  purchase  bonds  upon such terms and conditions as the authority may
determine. The authority may hold, cancel or resell such bonds,  subject
to and in accordance with agreements with bondholders.
9.  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-nine-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-nine-p upon a trustee appointed by bondholders.
* NB Authority ceased to exist 08/05/2002
* NB There are 4 § 1599-i's