2023 New York Laws › GMU - General Municipal › Article 18-A - Industrial Development › Title 1 - Agencies, Organization and Powers › 864 - Bonds of the Agency.

§ 864. Bonds of the agency. (1) The agency shall have the power and is
hereby authorized from time to time to issue negotiable bonds for any of
its corporate purposes without limitation as to amount. The agency 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 redemption of
the bonds to be refunded. Except as may otherwise be expressly  provided
by  the agency, the bonds of every issue shall be special obligations of
the agency payable solely from revenues derived from the  leasing,  sale
or  other  disposition of a project, 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 article eight of the uniform commercial
code, the bonds shall be, and are hereby  made,  negotiable  instruments
within the meaning of and for all the purposes of the uniform commercial
code, subject only to the provisions of the bonds for registration.
(2)  The  bonds  shall  be  authorized by resolution of the agency and
shall bear such date or dates,  mature  at  such  time  or  times,  bear
interest  at  such  rate  or rates, payable at such time or times, 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,
either  within  or  without  the  state, 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 at such price or prices as the  agency
shall determine.
(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 derived from the leasing,
sale or other disposition 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 agency 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 any issue
of the bonds;
(f) 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) vesting in a trustee or trustees such property, rights, powers and
duties in trust as the agency may determine which may include any or all
the  rights,  powers  and  duties  of  the  trustees  appointed  by  the

bondholders and limiting or abrogating the right of the  bondholders  to
appoint a trustee or limiting the rights, duties and powers of trustee;
(i)  any  other  matters, of like or different character, which in any
way affect the security or protection of the bonds.