2023 New York Laws › PBA - Public Authorities › Article 2 - Park, Parkway and Highway Authorities › Title 3 - Jones Beach State Parkway Authority › 157 - Bonds of the Authority.

* § 157. 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
the  aggregate  principal  amount  of  not  exceeding ten million, fifty
thousand dollars outstanding at any one time. The authority  shall  have
power  from  time  to  time  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 corporate purposes. 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. Except as may
otherwise be expressly provided by the authority,  every  issue  of  the
bonds shall be general obligations payable out of any moneys or revenues
of  the  authority,  subject  only to any agreements with the holders of
particular bonds pledging any particular revenues.
2. Such bonds shall be authorized by resolution of the board and shall
bear such date or dates, mature at such time  or  times,  not  exceeding
forty  years  from their respective dates, bear interest at such rate or
rates, not exceeding five per centum per annum payable semi-annually, be
in such denominations, 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 of redemption, as such resolution or resolutions
may provide. Such bonds may be sold at public or private sale  for  such
price or prices as the authority shall determine.
3. Such bonds may be issued for any corporate purpose of the authority
including  payment  of  the  cost  of  the acquisition of any additional
lands, easements or rights in land which may hereafter be  acquired  for
Jones  Beach  parkway  or Captree bridge or Captree parkway or any other
improvements that the authority is authorized to construct.
4. Any resolution or resolutions authorizing  any  bonds  may  contain
provisions,  which  shall be a part of the agreement with the holders of
the bonds, as to (a) pledging the revenues of Jones  Beach  parkway  and
Captree  bridge and Captree parkway and any improvements operated by the
authority, or any part of such revenues to secure  the  payment  of  the
bonds or of any issue of the bonds;
(b)  the  rates  of  the  tolls and rentals to be charged and of other
charges to be made, and the amount to be raised in each year in revenues
of any kind 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 commission and  of  the  authority
and  their  successors  to  restrict and regulate the use of Jones Beach
parkway, Captree bridge, Captree parkway, or any  other  improvement  in
connection with which such bonds are issued;
(e)  limitations  on the purposes to which the proceeds of the sale of
any issue of bonds then or thereafter to be issued may  be  applied  and
pledging  such  proceeds  to  the payment of the bonds on such terms and
conditions as the resolution may provide;
(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  agreement  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 revenues  derived  from  Jones  Beach
parkway,  Captree bridge, Captree parkway or any improvement operated by
the authority 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  one  hundred  sixty-two  hereof, and
limiting or abrogating the right of the bondholders to appoint a trustee
under section one hundred  sixty-two  hereof  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-a. Any resolution or resolutions authorizing any bonds or any  issue
of  bonds maturing in not exceeding ten years from their date (hereafter
in this subsection four-a referred to as "short term  obligations")  may
contain,  in  addition to all other provisions authorized by this title,
provisions, which shall be a part of the agreement with the  holders  of
the  short  term obligations thereby authorized, as to (a) refunding the
short term obligations by the issuance of bonds of the authority  either
by  the sale of bonds and the application of the proceeds to the payment
of the short term obligations or by the exchange of bonds for the  short
term  obligations;  provided,  however, that the authority shall make no
covenant to refund which shall require it to issue bonds, the  aggregate
principal  amount  of which shall exceed by more than ten per centum the
aggregate principal amount of the short term obligations to be  refunded
thereby;
(b)  satisfying,  paying or discharging the short term obligations, at
the election of the authority, by the tender or delivery of bonds of the
authority in exchange therefor; provided, however,  that  the  aggregate
principal  amount  of bonds shall not exceed by more than ten per centum
the aggregate principal amount of the short term obligations to satisfy,
pay or discharge which the bonds are tendered or delivered;
(c) exchanging or  converting  the  short  term  obligations,  at  the
election  of  the  holder  thereof,  for or into bonds of the authority;
provided, however, that the aggregate  principal  amount  of  the  bonds
shall  not  exceed  by  more than ten per centum the aggregate principal
amount of the short term obligations to be exchanged  for  or  converted
into bonds;
(d) pledging bonds of the authority as collateral to secure payment of
the short term obligations and providing for the terms and conditions of
the  pledge  and  manner  of  enforcing  the  pledge,  which  terms  and
conditions may provide for the delivery of the bonds in satisfaction  of
the  short  term  obligations;  provided,  however,  that  the aggregate
principal amount of the bonds pledged shall not exceed by more than  ten
per  centum the aggregate principal amount of the short term obligations
to secure which they are pledged;
(e) depositing bonds in escrow or in trust with a  trustee  or  fiscal
agent  or  otherwise  providing  for the issuance and disposition of the
bonds as security for carrying out  any  provisions  in  any  resolution
adopted  pursuant  to  the  foregoing  paragraphs  (a), (b), (c) and (d)
hereof and providing for the powers and duties of the trustee or  fiscal
agent  or  other  depositary  and  the terms and conditions on which the
bonds are to be issued, held and disposed of;
(f) any other matters of like or different character which  relate  to
any  provision  or  provisions of any resolution adopted pursuant to the
foregoing paragraphs (a), (b), (c), (d) and (e) hereof.
In computing the amount  of  bonds  of  the  authority  which  may  be
outstanding at any one time, short term obligations shall be excluded to
the  extent  that  the resolution authorizing the issuance of such short
term obligations shall provide for the issuance  of  bonds  pursuant  to
paragraphs  (a),  (b),  (c)  or  (d)  of  this subsection, but the bonds
provided to be issued by such resolution shall  be  included  in  making
such computation whether or not such bonds are outstanding.
The  authority  shall have power to make contracts for the future sale
from time to time of short term obligations,  by  which  the  purchasers
shall  be committed to purchase short term obligations from time to time
on the terms and conditions stated in such contracts, and the  authority
shall  have  power to pay such consideration as it shall deem proper for
such commitments.
5. 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 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.
6. Neither the members of the board 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.
7.  For  the  purpose  of refunding or reducing its debt the authority
shall have power out of any funds available  therefor  to  purchase  any
bonds  issued  by  it  at a price not more than one hundred and five per
centum of  the  principal  amount  thereof  and  accrued  interest.  The
authority  may  hold,  cancel  or  resell  such bonds, subject to and in
accordance with agreements with bondholders.
* NB (Authority abolished June 30, 1978)