2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 8-A - Harrison Parking Authority › 1570-H - Bonds or Notes of the Authority.

§ 1570-h. Bonds or notes of the authority. 1. The authority shall have
the  power  and  is  hereby authorized from time to time to issue bonds,
notes or other obligations in conformity with applicable  provisions  of
the  uniform  commercial code to pay the cost of any project, or for any
other corporate purpose, the establishment of  reserves  to  secure  the
bonds, the payment of principal of, premium, if any, and interest on the
bonds  and  the  payment of incidental expenses in connection therewith.
The aggregate principal amount of such bonds, notes or other obligations
shall not exceed twenty million dollars, excluding bonds, notes or other
obligations issued to refund or repay bonds, notes or other  obligations
therefore  issued  for  such  purposes; provided, however, that upon any
such refunding or repayment the  total  aggregate  principal  amount  of
outstanding bonds, notes or other obligations may be greater than twenty
million dollars, only if the present value of the aggregate debt service
of the refunding or repayment of bonds, notes or other obligations to be
issued  shall not exceed the present value of the aggregate debt service
of the bonds, notes or other obligations so to be  refunded  or  repaid.
For the purpose of this section, the present value of the aggregate debt
service  of the refunding or repayment bonds, notes or other obligations
and the aggregate debt service of the bonds, notes or other  obligations
refunded  or  repaid  shall  be  calculated  by  utilizing the effective
interest rate of the refunding or repayment of  bonds,  notes  or  other
obligations,  which  shall  be  that  rate  arrived  at  by doubling the
semi-annual  interest  rate  (compounded  semi-annually)  necessary   to
discount  the  debt  service  payments  on the refunding or repayment of
bonds, notes or other obligations from payment of dates thereof  to  the
date  of  issue  of  the refunding or repayment of bonds, notes or other
obligations and to the price bid including  estimated  accrued  interest
from  the sale thereof. The authority shall have the power and is hereby
authorized to enter into such agreements and perform such acts as may be
required under any applicable federal law, rule or regulation to  secure
a federal guarantee to any bonds.
2. The authority shall have the power from time to time to renew bonds
or to issue renewal bonds for such purpose, to issue bonds to pay bonds,
and,  whenever  it  deems refunding expedient, to refund any bond 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 of the authority. Bonds issued for
refunding purposes shall  be  sold  and  the  proceeds  applied  to  the
purchase, redemption or payment of the bonds or notes to be refunded.
3. Bonds issued by the authority may be general obligations secured by
the  faith  and  credit  of  the authority or may be special obligations
payable solely out of particular revenues or  other  monies  as  may  be
designated  in  the  proceedings  of the authority under which the bonds
shall be authorized to be issued, subject as to  priority  only  to  any
agreements with the holders of outstanding bonds pledging any particular
property,  revenues  or  monies.  The authority may also enter into loan
agreements, lines of credit and other security agreements and obtain for
or on its behalf letters  of  credit,  insurance,  guarantees  or  other
credit  enhancements  to  the extent now or hereafter available, in each
case for securing its bonds or to provide direct payment  of  any  costs
which the authority is authorized to pay.
4. (a) Bonds shall be authorized by resolution of the authority, be in
such  denominations  and bear such date or dates and mature at such time
or times, as such  resolution  may  provide,  provided  that  bonds  and
renewals  thereof  shall  mature  within  thirty  years from the date of
original issuance of any such bonds.
(b) Bonds shall be subject to such terms of redemption, bear  interest
at such rate or rates, be 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. Notwithstanding any other provision of law,  the  bonds  of
the  authority  issued  pursuant  to  this  section shall be sold to the
bidder offering the lowest true interest cost, taking into consideration
any premium or discount not less than four nor more than  fifteen  days,
Sunday excepted, after a notice of such sale has been published at least
once  in  a  newspaper  of general circulation in the area served by the
authority, which shall state the terms of the sale.  The  terms  of  the
sale  may  not  change unless notice of such change is published in such
newspaper at least one day prior to the date of the sale as set forth in
the original notice of sale. Advertisements shall contain a provision to
the effect that the authority, in its discretion, may reject any or  all
bids  made  pursuant  to  such  advertisements, and in the event of such
rejection, the authority is authorized to negotiate a private or  public
sale  or  readvertise for bids in the form and manner described above in
this paragraph as many times as, in its judgment, may  be  necessary  to
effect satisfactory sale.
(c)   Notwithstanding   the   provisions  of  paragraph  (b)  of  this
subdivision, whenever in the judgment of the authority the interests  of
the  authority  will  be  served  thereby,  the  board,  on  the written
recommendation of the chairperson may authorize the sale of  such  bonds
at  private  or  public  sale  on  a  negotiated  basis  or  on either a
competitive or negotiated basis.  The  authority  shall  set  guidelines
governing  the terms and conditions of any such private or public sales.
The private or public bond sale guidelines set by  the  authority  shall
include,  but  not be limited to, a requirement that where the interests
of the authority will be served by a private or public  sale  of  bonds,
the authority shall select underwriters taking into account, among other
things,  qualifications  of underwriters as to experience, their ability
to structure and sell authority bond issues, anticipated  costs  to  the
authority,  the prior experience of the authority with the firm, if any,
the capitalization of such firms, participation  of  qualified  minority
and  women-owned  business  enterprise  firms  in such private or public
sales of bonds of the authority and the experience and ability of  firms
under  consideration  to  work  with  minority  and women-owned business
enterprises  so  as  to  promote  and  assist  participation   by   such
enterprises.
(d) The authority shall have the power from time to time to amend such
private  bond  sale guidelines in accordance with the provisions of this
subdivision.
(e) No private or public bond sale on  a  negotiated  basis  shall  be
conducted   by  the  authority  without  prior  approval  of  the  state
comptroller. The authority shall annually prepare  and  approve  a  bond
sale  report  which  shall  include  the  private  or  public  bond sale
guidelines  as  specified  in  this  subdivision,  amendments  to   such
guidelines  since  the  last  private  or  public  bond  sale report, an
explanation of the bond sale guidelines and amendments, and the  results
of  any  sale  of bonds conducted during the fiscal year. Such bond sale
report may be a part of any other annual report that  the  authority  is
required to make.
(f)  The  authority  shall annually submit its bond sale report to the
state comptroller and copies thereof to the senate finance committee and
the assembly ways and means committee.
(g) The authority shall make available to the  public  copies  of  its
bond sale report upon reasonable request thereof.
(h)  Nothing  contained  in this subdivision shall be deemed to alter,
affect the validity of, modify the terms of, or impair any  contract  or
agreement  made  or  entered into in violation of, or without compliance
with, the provisions of this subdivision.
5. Any resolution or resolutions authorizing bonds  or  any  issue  of
bonds by the authority 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  part  of the revenues, together with any other
monies or property of the authority to secure the payment of the  bonds,
or  any  costs  of  issuance  thereof, including but not limited to, any
contracts, earnings or proceeds of any grant to the  authority  received
from  any  private  or  public  source  subject  to such agreements with
bondholders as may then exist;
(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 authority and the amount to be raised in each  year  thereby  and
the use and disposition of revenues;
(e) Limitations on the right of the authority 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, including the proportion of
bondholders 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 monies
may be deposited;
(i) The terms and provisions of any trust, mortgage, 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 authority may determine which may include any
or all of the rights, powers and duties of the trustees appointed by the
bondholders  pursuant  to  this title 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  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 appointment
of a receiver, provided, however, that such rights  and  remedies  shall
not  be  inconsistent with the laws of the state and other provisions of
this title;
(l) Limitations on the power of the authority  to  sell  or  otherwise
dispose of any project or any part thereof or other property;
(m)  Limitations  on  the  amount  of  revenues and other monies to be
expended  for  operating,  administrative  or  other  expenses  of   the
authority;
(n) The payment of the proceeds of bonds, revenues and other monies to
a  trustee  or  other  depository,  and  for  the method of disbursement
thereof with such safeguards  and  restrictions  as  the  authority  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 the bondholders.
6.  In  addition  to  the  powers  conferred  by this section upon the
authority to secure its bonds, the authority shall  have  the  power  in
connection  with  the  issuance  of bonds to adopt resolutions and enter
into such trust indentures,  agreements  or  other  instruments  as  the
authority may deem necessary, convenient or desirable concerning the use
or  disposition  of  its revenues or other monies or property, including
the mortgaging of any property and the entrusting, pledging or  creation
of  any other security interest in any such revenues, monies or property
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
resolutions, trust indentures,  agreements  or  other  instruments.  The
authority  shall  have  power  to  enter  into  amendments  of  any such
resolutions, trust indentures, agreements or  other  instruments  within
the  powers  granted  to the authority by this title and to perform such
resolutions, trust indentures,  agreements  or  other  instruments.  The
provisions  of  any  such  resolutions,  trust indentures, agreements or
other instruments may be made a part of the contract with the holders of
bonds of the authority.
7. Any provision of  the  uniform  commercial  code  to  the  contrary
notwithstanding,  any  pledge of or other security interest in revenues,
monies, accounts, contract rights, general intangibles or other personal
property made or created by the authority 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 authority
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.
8. Whether or not the bonds of the authority  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.
9. Neither the members nor the  officers  of  the  authority  nor  any
person executing its bonds shall be liable personally on its bonds or be
subject  to  any  personal  liability or accountability by reason of the
issuance thereof.
10. Subject to such agreements with bondholders as may then exist, the
authority shall have the power to purchase the bonds of  the  authority,
in  lieu  of redemption, out of any funds available therefor, at a price
not exceeding, if the bonds are then redeemable,  the  redemption  price
then applicable plus accrued interest to the next interest payment date,
or,  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. Bonds so purchased shall thereupon be canceled.
11. The authority shall have power and is hereby authorized  to  issue
negotiable  bond  anticipation  notes  in conformity with the applicable
provisions of the uniform commercial code and may renew  the  same  from
time  to  time  but  the  maximum  maturity  of any such note, including
renewals thereof, shall not exceed two years from the date of  issue  of
such original note.