2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 10-D - Nassau County Sewer and Storm Water Finance Authority › 1232-G - Bonds of the Authority.

§  1232-g.  Bonds  of  the  authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue bonds in  such
principal  amounts,  not  to  exceed three hundred fifty million dollars
($350,000,000), as it may determine to be necessary to pay the  cost  of
any  project  or  for any other of its corporate purposes, including 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 exclude bonds,
notes or other obligations issued to refund or  otherwise  repay  bonds,
notes  or  other  obligations  theretofore  issued for such purpose. The
authority shall have power  from  time  to  time  to  refund  any  bond,
including  bonds of the county issued to pay the cost of any project, 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  of  the  authority.  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 moneys as may be designated  in  the
proceedings  of  the authority under which the bonds shall be authorized
to be issued, subject to  priority  only  to  any  agreements  with  the
holders of outstanding bonds pledging any particular property, revenues,
earnings  or  moneys. 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 available, in  each  case  for  securing  its
bonds  or  to  provide direct payment of any costs that the authority is
authorized to pay.
2. Bonds shall be authorized by resolution of  the  authority,  be  in
such  denominations,  bear such date or dates and mature at such time or
times as such resolution may provide, except that bonds and any renewals
thereof shall mature within  forty  years  from  the  date  of  original
issuance  of  any such bonds or within the applicable period of probable
usefulness of the object or purpose financed as set forth in  the  local
finance  law  assuming such provision was applicable, whichever is less.
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. Bonds may be sold at public or private sale for such  price
or  prices  as  the authority shall determine, provided that no bonds of
the authority, other than obligations designated as notes, shall be sold
by the authority at private sale unless such sale and the terms  thereof
have  been  approved  in  writing  by  the  comptroller, or by the state
director of the budget, where such sale is to be to the comptroller. The
authority may pay all expenses, premiums and commissions  which  it  may
deem  necessary or advantageous in connection with the issuance and sale
of bonds.
3. The authority shall have the power  and  is  hereby  authorized  to
assume  any  bonds  of  the county issued and sold to the New York state
environmental facilities corporation  and  in  connection  therewith  to
issue   its  bonds  to  the  New  York  state  environmental  facilities
corporation in substitution therefor.
4. 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  of  the  authority,
together  with  any  other moneys or property of the authority to secure
the payment of the bonds or any costs of the 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) 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;
(e)  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;
(f)  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;
(g) the creation of special funds into which any  revenues  or  moneys
may be deposited;
(h) the terms and provisions of any trust, deed, mortgage or indenture
securing the bonds under which the bonds may be issued;
(i)  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 twelve hundred thirty-two-h 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;
(j)  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; notwithstanding any provision to the
contrary, nothing contained in this title shall be  deemed  to  restrict
the right of the state or county of Nassau to amend, modify or otherwise
alter  laws,  ordinances, resolutions or agreements imposing or relating
to taxes or fees or appropriations relating thereto. The authority shall
not include in any resolution or contract or agreement with  the  holder
of  its bonds any provision which provides that a default shall occur as
a result of the state or county exercising its right to amend, modify or
otherwise alter laws, ordinances, resolutions or agreements imposing  or
relating to taxes or fees or appropriations relating thereto;
(k)  limitations  on  the  power of the authority to sell or otherwise
dispose of any project or any part thereof or other property;
(l) limitations on the amount of  revenues  and  other  moneys  to  be
expended for administrative or other expenses of the authority;
(m) 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  authority  may
determine; and
(n)  any other matters of like or different character which may in any
way affect the security or protection of the bonds  or  the  rights  and
remedies of bondholders.
5.  In  addition  to  the  powers  conferred  by this section upon the
authority to secure  its  bonds,  the  authority  shall  have  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 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. Notwithstanding any provision of the uniform commercial code to the
contrary, any pledge of or other security interest in revenues,  moneys,
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.
7. 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.
8. Neither the members of the authority 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.
9. The authority, subject to such agreements with bondholders as  then
may  exist,  shall have the power, out of any moneys available therefor,
to purchase bonds of the authority, which shall thereupon be cancelled.
10. The authority shall have the power and  is  hereby  authorized  to
issue  negotiable  notes  only for the purpose of paying the cost of any
project or for any other of its corporate purposes  in  conformity  with
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 five years from the date of
issuance of such original note.