2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 13-F - Town of North Hempstead Solid Waste Management Authority › 2049-H - Bonds of the Authority.

§  2049-h.  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 as it may determine to be necessary to pay the cost of
any  project  or  for  any other corporate purpose, including incidental
expenses in connection therewith. The authority shall have the power and
is hereby authorized to enter into such agreements and perform such acts
as may be required under any applicable federal legislation to secure  a
federal  guarantee of any bonds. The authority shall have the 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.  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 and subject to any
agreements with the holders of outstanding bonds pledging any particular
revenues or moneys.
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 shall provide,  provided  that  bonds  and  any
renewals  thereof  shall  mature within forty years from the date of the
original issuance of any such bonds. Obligations with a maturity of five
years or less from the date of their original issuance may be deisgnated
as notes. Bonds shall be subject  to  such  terms  of  redemption,  bear
interest   at  such  specified  rate  or  rates,  or,  with  respect  to
obligations designated as notes, at such rate or rates not in excess  of
such specified 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 or  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,  may
be  sold by the authority at private sale unless such sale and the terms
thereof have been approved in writing by  the  state  comptroller  where
such  sale is not to be to such comptroller, or by the state director of
the budget where such sale is to be to said 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.  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 moneys or revenues, other moneys
or property of the authority to secure the payment of the  bonds  or  of
any  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) the rates, rents, fees and other charges to be fixed and collected
by the authority and the amount to be raised in each  year  thereby  and
the use and disposition of revenues;
(e) 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;
(f)  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;
(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)  the  creation  of special funds into which any revenues or moneys
may be deposited;
(i) the terms and  provisions  of  any  trust,  mortgage  or  deed  or
indenture securing the bonds under which the bonds may be issued;
(j)  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 trustees appointed by the
bondholders pursuant to section two thousand forty-nine-i 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;
(k)  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;
(l) limitations on the power of the authority  to  sell  or  otherwise
dispose of any project or any part thereof;
(m)  limitations  on  the  amount  of  revenues and other moneys to be
expended  for  operating,  administrative  or  other  expenses  of   the
authority;
(n) 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
(o)  any other matters of like or different character which in any way
affect the security or  protection  of  the  bonds  or  the  rights  and
remedies of bondholders.
4.  In  addition  to the powers herein conferred upon the authority to
secure its bonds, the authority shall have power in connection with  the
issuance  of  bonds  to  enter into such agreements 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 property and the entrusting, pledging or  creation  of
any other security interest in any such revenues, moneys or property 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.
5.  Any  provision  of  the  uniform  commercial  code to the contrary
notwithstanding, 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.
6. 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
any provisions of the bonds for registration.
7. 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.
8. The authority, subject to such agreements with bondholders as  then
may  exist,  shall  have  power  out of any moneys available therefor to
purchase bonds of the authority, which shall thereupon be cancelled,  at
a  price  not  exceeding  (a)  if  the  bonds  are  then redeemable, the
redemption price then applicable, plus  accrued  interest  to  the  next
interest  payment  date or (b) if the bonds are not then redeemable, the
redemption price applicable on the first date after such  purchase  upon
which  the  bonds  become subject to redemption plus accrued interest to
the next interest payment date.