2023 New York Laws › ACA - Arts and Cultural Affairs › Title E - New York State Cultural Resources Act › Article 20 - New York State Cultural Resources Act › 20.19 - Security for Bonds or Notes.

§ 20.19. Security for bonds or notes. 1. The principal of and interest
  on  any  bonds  or notes issued by a trust may be secured by a pledge of
  any revenues and receipts of the trust, including without limitation the
  receipt of sums as tax-equivalency payments or loan repayments, and  may
  be  secured  by  a  lease,  loan  agreement,  mortgage, pledge, security
  interest or other instrument covering all or any part of a  combined-use
  facility  or  cultural facility as authorized by this article, including
  any additions, improvements, extensions to or  enlargements  of  such  a
  facility  thereafter  made.  Bonds  or  notes  issued for a combined-use
  facility or cultural facility as authorized by this article may also  be
  secured  by  an assignment of any lease of such combined-use facility or
  cultural facility as authorized by this article and by an assignment  of
  the  revenues  and  receipts  of  a trust from any such lease and by the
  assignment  of  any  loan  agreement  with  a   participating   cultural
  institution and by an assignment of the revenues and receipts of a trust
  from  any  such  loan  agreement  and by the assignment of any mortgage,
  pledge, security interest or other  instrument  covering  a  combine-use
  facility or cultural facility.
2.  A  trust may provide in any proceedings under which bonds or notes
  may be authorized for the time and manner  of  and  the  requisites  for
  disbursements  for  the  cost  of  a  combined-use  facility or cultural
  facility authorized by  this  article,  and  for  all  certificates  and
  approvals  of  construction  and  disbursements  as the trust shall deem
  necessary.
3. Any pledge  by  a  trust  of,  or  security  interest  granted  in,
  earnings,  revenues or other monies, including tax-equivalency payments,
  accounts,  contract  rights,  general  intangibles  or  other   personal
  property  shall  be  valid  and binding from the time when the pledge is
  made; the earnings, revenues or other monies so pledged  and  thereafter
  received  by  the trust shall immediately be subject to the lien of such
  pledge or other security interest, without any physical delivery of  the
  collateral  thereof  or  further act, and the lien of any such pledge or
  other security interest shall  be  valid  and  binding  as  against  all
  parties having claims of any kind in tort, contract or otherwise against
  the  trust  irrespective of whether such parties have notice thereof. No
  resolution or any other instrument by which a pledge or  other  security
  interest  is  created  need  be  recorded, and no notice thereof need be
  filed in any public office.
4. In the discretion of a trust, the bonds may be secured by  a  trust
  indenture,  which  may  contain any lawful provisions for protecting and
  enforcing the rights and remedies of the bondholders, by and between the
  trust and a corporate trustee, as distinguished from  a  member  of  the
  board  of  trustees  of  a trust, which may be any trust company or bank
  having the powers of a trust company in the state.  A trust may  provide
  by such trust indenture for the payment of the proceeds of the bonds and
  the  revenues of a combined-use facility or cultural facility authorized
  by this article 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.  If the bonds shall  be
  secured  by a trust indenture the bondholders shall have no authority to
  appoint a separate trustee to represent them.