2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 14 - City of Binghamton Parking Authority › 1599-I - 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
of this title, including the acquisition,  construction,  reconstruction
and  repair  of  personal  and  real property of all kinds deemed by the
board to be necessary or desirable to carry out such purpose, as well as
to pay such expenses  as  may  be  deemed  by  the  board  necessary  or
desirable  to  the financing thereof and placing the project or projects
in operation in the aggregate principal amount of not  exceeding  twenty
million  dollars  outstanding  at any one time. 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  or payment of the bonds to be
refunded. 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; provided, however, that bonds issued or  to
be  issued  shall  be  excluded  from  such limitation if such bonds are
issued to refund bonds of the authority issued in connection  with  such
purposes  and  the  present  value  of the aggregate debt service on the
refunding bonds does not exceed the present value of the aggregate  debt
service  on the bonds refunded thereby. For purposes hereof, the present
value of the aggregate debt service  of  the  refunding  bonds  and  the
aggregate  debt  service  of  the bonds refunded, shall be calculated by
utilizing the true interest cost of the refunding bonds, 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 bonds from the payment dates thereof to the
date of issue of the refunding  bonds  to  the  purchase  price  of  the
refunding  bonds,  including  interest  accrued  thereon  prior  to  the
issuance thereof. 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 particular bonds
pledging any particular moneys or revenues. Whether or not the bonds are
of such form and character as to be  negotiable  instruments  under  the
terms of the general obligations law (constituting chapter twenty-four-a
of  the  consolidated  laws)  the  bonds  shall  be  and are hereby made
negotiable instruments within the meaning of and for all the purposes of
the general obligations law, subject only to the provisions of the bonds
for registration.
2. The bonds shall be authorized by resolution of the board and  shall
bear  such  date  or  dates, mature at such time or times, not exceeding
twenty years from their respective dates, bear interest at such rate  or
rates, not exceeding the rate of interest prescribed for serial bonds by
the local finance law, be in such denominations, be in such form, either
coupon or registered, carry such registration privileges, be executed in
such  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,  but  which shall not at the time of sale yield more than the
rate of interest prescribed for serial bonds by the local finance law.
3. 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
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
revenues;
(c) the setting aside of reserves or 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) 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 of the rights, powers and duties of the  trustee  appointed  by  the
bondholders  pursuant  to  section fifteen hundred ninety-nine-o of this
title 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;
(j)  any  other  matters, of like or different character, which in any
way affect the security or protection of the bonds.
4. 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.
5.  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.
6.  The authority shall have power out of any funds available therefor
to purchase bonds. The authority may hold, cancel or resell such  bonds,
subject to and in accordance with agreements with bondholders.
7.  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-o  of  this  title  upon  a  trustee  appointed  by
bondholders.
* NB Authority ceased to exist 12/31/99
* NB There are 4 § 1599-i's