2023 New York Laws › PBA - Public Authorities › Article 6 - Port Authorities › Title 2 - Port of Oswego Authority › 1363 - Bonds of the Authority.

§  1363. Bonds of the authority. 1. The authority shall have power and
  is hereby authorized from time to time  to  issue  negotiable  bonds  in
  conformity with applicable provisions of the uniform commercial code for
  any corporate purpose of the authority, including the paying, funding or
  refunding  of  any  notes  theretofore issued by the authority under the
  provisions of section one thousand eight  hundred  thirty-nine  of  this
  act.  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 purpose.  Except  as
  may  be  otherwise  expressly provided by contract between the authority
  and the holders of its bonds,  all  bonds  of  the  authority  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 the payment of which is secured by a pledge of  particular  moneys
  or 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
  thirty years from their respective dates, bear interest at such rate  or
  rates,  payable  annually or 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 lawful money of
  the United States of America at such place or places, and be subject  to
  such  terms  of redemption prior to maturity, at par or a price, as such
  resolution or resolutions may provide. Such bonds may be sold,  with  or
  without  advertisement,  in such manner as the authority shall determine
  by resolution. If advertisement is made,  a  notice  of  sale  shall  be
  published  at  least  once,  not  less than ten nor more than forty days
  before the date of sale, in a newspaper published and circulated in  the
  city  of Oswego and in a financial newspaper published and circulated in
  the city of New York and designated by the board. The notice shall  call
  for the receipt of sealed bids and shall fix the date, time and place of
  sale.  Bonds  shall be sold at such price or prices as will yield to the
  purchasers income at a rate set forth in the resolution  or  resolutions
  to  the  maturity  dates  of  said  bonds,  computed  in accordance with
  standard tables of bond values.
3. Any resolutions authorizing the issuance of 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 all or any part of  the  gross  or  net  revenues  of  the
  authority 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 for the use of
  projects of the authority, and the amounts to be  raised  in  each  year
  thereby, and the use and disposition of revenues of the authority;
c.  The  setting aside of reserves or sinking funds and the regulation
  and disposition thereof;
d. The appointment of a bank  or  banks  or  trust  company  or  trust
  companies  as trustee or trustees for the custody and disposition of any
  moneys of the authority, including the proceeds of any  bonds  or  other
  obligations  and  any  revenues  or  income  of  the  authority, and the
  execution of any trust agreements or indentures  with  such  trustee  or
  trustees with such provisions as may be deemed necessary or desirable in
  connection  with  the  custody  and  disposition  of  such moneys of the
  authority and the rights and remedies of the holders of such bonds;
e. Limitations on the right of the authority to restrict and  regulate
  the use of projects of the authority;
f. Limitations on the purpose to which the proceeds of the sale of any
  issue of bonds then or thereafter to be issued may be applied;
g.  Limitations  on  the  issuance  of additional bonds, including the
  terms upon which additional bonds may be issued and secured.
h. 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 give consent thereto, and the manner in which such consent
  may be given; and
i. Any other matters, of like or different character, which in any way
  affect the security or protection of the bonds.
4.  Any pledge of revenues or other moneys made by the authority shall
  be valid and binding from the time when the pledge is made. The revenues
  or other moneys so pledged and  thereafter  received  by  the  authority
  shall  be  immediately  subject  to  the lien of such pledge without any
  physical delivery thereof or further act. 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  by reason of the issuance thereof, excepting solely
  for things willfully done or willfully omitted to be done with an intent
  to defraud.
6. The authority shall have power out of any funds available  therefor
  to  purchase  any  of its outstanding bonds at a price not more than the
  then redemption price of such bonds. All bonds  so  purchased  shall  be
  cancelled.