2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 25 - New York City Sports Authority › 2509 - Bond and Note Authorization.

* § 2509. Bond and note authorization. 1. The authority shall have the
power and is hereby authorized to issue from time to time its negotiable
bonds  and notes in conformity with applicable provisions of the uniform
commercial code  in  such  principal  amounts  as  the  authority  shall
determine  to be necessary to provide sufficient funds for achieving any
of its corporate purposes, including the payment of all or any  part  of
the   cost  of  acquiring,  constructing,  reconstructing,  constructing
additions to, improving, maintaining and  operating  sports  facilities,
including  but  not  limited to buildings, structures, parking and other
facilities for such sports facilities, the payment of interest on  bonds
and notes of the authority, the establishment of reserves to secure such
bonds  and  notes  of  the  authority  and  the  payment  of  all  other
expenditures, including operating expenses, of the authority incident to
or necessary or convenient to  carry  out  its  corporate  purposes  and
powers.
2.  The  authority shall have the power to issue from time to time (i)
notes to renew notes and (ii) bonds to pay notes, including the interest
thereon and redemption premium, if any, and, whenever it deems refunding
expedient, to refund  any  bonds  of  the  authority  then  outstanding,
whether the bonds to be refunded have or have not matured, including the
payment of any redemption premium thereon and any interest accrued or to
accrue  to  the  earliest  or subsequent date of redemption, purchase or
maturity of such bonds, by the issuance of new  bonds,  and,  if  deemed
advisable  by  the authority, to issue bonds partly to refund bonds then
outstanding and partly for any of its corporate purposes. The  refunding
bonds  may  be  exchanged  for  the bonds to be refunded or sold and the
proceeds applied to the purchase, redemption or payment of  such  bonds.
Pending  such  purchase,  redemption  or  payment,  such proceeds may be
invested and reinvested in obligations of or guaranteed  by  the  United
States of America, or in obligations of agencies of the United States of
America,  secured  in  such  manner  as  the  authority shall determine,
maturing at such time or times as shall be  appropriate  to  assure  the
prompt payment, as to principal, interest and redemption premium, if any
on  the  outstanding  bonds  to  be  refunded.  The  interest and earned
increment, if any, resulting from  any  such  investment,  may  also  be
applied  to the purchase, redemption or payment of the outstanding bonds
to be so refunded and any  balance  remaining  upon  completion  of  the
purchase,  redemption  or payment of all such outstanding bonds shall be
returned to the authority for use by it in any lawful manner.
3. No bonds or notes of the authority shall be  issued  if  upon  such
issuance  the  aggregate  principal  amount  of  bonds  and notes of the
authority then outstanding exceeds one hundred million dollars, provided
that such statutory maximum principal amount shall not be  construed  as
constituting  a  contract  between  the authority and the holders of its
bonds or notes  that  additional  bonds  or  notes  may  not  be  issued
subsequently  by  the authority in the event that such statutory maximum
shall be increased subsequently by law and  provided  further  that,  in
determining  such aggregate principal amount there shall be deducted (i)
all sums then available for the payment of such bonds or notes either at
maturity or through the operation of a sinking fund; (ii) the  aggregate
principal amount of outstanding bonds issued (a) to refund notes and (b)
to  refund  bonds theretofore issued and then outstanding; and (iii) the
aggregate principal amount of outstanding notes issued  to  renew  notes
theretofore issued and then outstanding.
4.  The  issuance  of  bonds  and  notes  by  the  authority  shall be
authorized by resolution or resolutions of the authority without further
authorization or approval, which resolution or resolutions  shall  be  a

part  of  the  contract  with  the holders of the bonds or notes thereby
authorized and may contain provisions as to:
(a)  pledging  all  or  any  part  of the moneys, earnings, income and
revenues derived from the project to secure the payment of the bonds  or
of  any  issue of the bonds, subject to such agreements with bondholders
as may then exist;
(b) the payments, fees or other charges to be fixed,  established  and
collected and the amounts to be raised in each year thereby, and the use
and disposition of the moneys, earnings, income and 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 sports facility or sports facilities;
(e) limitations on the purposes to which and the manner in  which  the
proceeds of sale of any bonds or any issue of bonds may be applied;
(f)  limitations  on  the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured; and the  refunding  of
outstanding bonds 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 earnings or revenues
of the authority may be deposited;
(i) the terms  and  provisions  of  any  mortgage  or  trust  deed  or
indenture securing the bonds or 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 trustee appointed by  the
bondholders  pursuant  to  section  twenty-five hundred thirteen of this
title, and limiting or  abrogating  the  right  of  the  bondholders  to
appoint  a trustee under such section or limiting the rights, powers and
duties of such trustee;
(k) defining the acts or omissions to act  which  shall  constitute  a
default   in  the  obligations  and  duties  of  the  authority  to  the
bondholders and providing 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 this state
and other provisions of this title;
(l) limitations on the power of the authority  to  sell  or  otherwise
dispose of its properties;
(m) limitations on the amount of moneys derived from a sports facility
or  sports  facilities  to be expended for operating, administrative and
other expenses of the authority;
(n) the protection and enforcement of the rights and remedies  of  the
bondholders;
(o)  the obligations of the authority in relation to a sports facility
or sports facilities and the safeguarding and application of all moneys;
(p) the payment of the proceeds of  bonds  and  revenue  of  a  sports
facility  or sports facilities to a trustee or other depository, and for
the method of disbursement thereof and such safeguards and  restrictions
as the authority may determine;
(q)  any other matters of like or different character which may in any
way affect the security or protection of the bonds.
* NB (Discontinued-Board of Directors never appointed)