2023 New York Laws › PBA - Public Authorities › Article 3 - Bridge and Tunnel Authorities › Title 8 - Ogdensburg Bridge Authority › 706 - Bonds of the Authority.

§  706. Bonds of the authority.  1. The authority shall have power and
is hereby authorized from time to time to issue its negotiable bonds  in
conformity  with applicable provisions of the uniform commercial code in
such amount as may be necessary to  pay  the  cost  of  the  bridge  and
approach  roads  herein  authorized  and the cost of all land, property,
rights, easements and franchises deemed necessary for  the  construction
thereof,  and  to  pay interest prior to and during construction and for
one year  after  completion  of  construction,  for  reconstruction  and
upgrades  to  the  bridge,  the  purchase  price of the ferry or ferries
authorized  to  be  acquired,  the  repayment   of   any   advances   or
appropriations  made  by the state of New York to the authority and such
other expenses as may be deemed necessary or incident to  the  financing
and to the construction of the bridge and approach roads, and to placing
the  same in operation, and infrastructure, upgrade and expansion at the
Ogdensburg international airport.
2. The authority shall have power and is hereby authorized  from  time
to  time  to  issue  its  negotiable bonds in conformity with applicable
provisions of the uniform commercial code for the purpose  of  refunding
bonds  of  the authority theretofore issued, but the aggregate principal
amount of such refunding bonds shall not exceed the aggregate  principal
amount  of  the  bonds  to  be  refunded  and  the amount of the accrued
interest and the premium required to be paid upon such bonds  by  reason
of redemption before maturity.
3. The bonds shall be authorized by resolution of the board. The bonds
shall  be dated, shall bear interest at such rate or rates not exceeding
six per centum per annum, shall mature at such time or times all as  may
be  determined  by  the  authority  and  may  be  made redeemable before
maturity, at the option of the authority, at such price  or  prices  and
under  such  terms and conditions as may be fixed by the authority prior
to the issuance of the bonds. The authority shall determine the form and
the manner of execution of the bonds, including any interest coupons  to
be  attached thereto, and shall fix the denomination or denominations of
the bonds and the place or places of payment of principal and  interest,
which  may  be at any bank or trust company within or without the state.
In case any officer whose signature or a facsimile  of  whose  signature
shall  appear  on  any  bonds  or coupons shall cease to be such officer
before the delivery of such bonds,  such  signature  or  such  facsimile
shall  nevertheless be valid and sufficient for all purposes the same as
if he had remained in office until such delivery, and any bond may  bear
the  facsimile  signature of, or may be signed by, such person as at the
actual time of the execution of such bond shall be  duly  authorized  to
sign  such  bond  although  at the date of such bond such person may not
have been such officer. The bonds may be issued in  coupon  form  or  in
registered form or both coupon form and registered form as the authority
may  determine,  and  provisions  may  be  made by the authority for the
registration of any coupon bond as to principal alone  and  also  as  to
both  principal  and interest, for the reconversion into coupon bonds of
any bonds registered as to both principal  and  interest,  and  for  the
exchange  of either coupon bonds or registered bonds without coupons for
an equal aggregate principal amount of other coupon bonds or  registered
bonds  without  coupons  or  both  of any denomination or denominations.
Notwithstanding any other provisions of this title or  any  recitals  in
the  bonds  issued  under  the  provisions of this title, all such bonds
shall be deemed to be negotiable instruments under the laws of the state
of New York. The authority may sell such  bonds  at  public  or  private
sale,  to  the  bidders  who shall offer the lowest interest cost to the
authority, at such a price, not less  than  ninety-five  per  centum  of
their  value,  that the interest cost to maturity for the money received

for any issue of such bonds shall not exceed six per centum  per  annum.
Prior  to  the preparation of definitive bonds, the authority may, under
like restrictions, issue interim receipts or temporary  bonds,  with  or
without coupons, exchangeable for definitive bonds when such bonds shall
have  been  executed  and  are available for delivery. The authority may
also provide for  the  replacement  of  any  bonds  which  shall  become
mutilated  or  shall  be  destroyed  or lost. Bonds may be issued by the
authority  under  the  provisions  of  this  title  without  any   other
proceedings  or  the  happenings  of any other conditions or things than
those proceedings, conditions or things which are specifically  required
by this title.
4.  Any  resolution  or  resolutions authorizing any bonds may contain
provisions, which shall be a part of the contract with  the  holders  of
the bonds thereby authorized, as to
(a)  pledging  the  tolls  and revenues of the authority to secure the
payment of the bonds;
(b) the rates of the tolls to be charged for use of  the  bridge,  the
amounts  to be raised in each year by tolls, and the use and disposition
of the tolls and other revenues;
(c) the setting aside of reserves or sinking funds, and the regulation
and disposition thereof;
(d) limitations on  the  rights  of  the  authority  to  restrict  and
regulate the use of the bridge;
(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;
(f) limitations on the issuance of additional 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; and
(h) any other matters, of like or different character,  which  in  any
way affect the security or protection of the bonds.
5.  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 bridge and the  ferry  or  ferries,  and  the  custody,
safeguarding  and  application  of  all moneys, and may provide that the
bridge and approach roads shall be constructed and paid  for  under  the
supervision  and  approval  of consulting engineers. Notwithstanding any
other provisions 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 bridge and the ferry or ferries 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 repair of the bridge.
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, in
addition to other powers granted by such trust  indenture,  all  of  the
powers  which are conferred by section seven hundred seven of this title
upon a trustee appointed by bondholders.
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  tolls  or  other  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  any
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  any  of  the outstanding bonds at a cost not exceeding the
redemption price of the bonds purchased as fixed by  the  resolution  of
the  authority  which  authorized their issuance. All bonds so purchased
shall be cancelled.
9. No bonds shall be issued by the authority, except with the approval
and consent of the comptroller of the  state  of  New  York,  until  and
unless  assurance, by appropriate legislation, agreements, or otherwise,
shall have been obtained that Canada, the province of  Ontario  and  the
municipality  or  municipalities  in  which the Canadian terminal of the
bridge is to be located will exempt  the  property  and  income  of  the
authority from taxation so long as such bonds are outstanding.