2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 10-B - Niagara Falls Public Water Authority › 1230-M - Bonds of the Authority.

§  1230-m.  Bonds  of  the  authority. 1. The authority shall have the
power and is hereby authorized from time  to  time  to  issue  bonds  in
conformance with applicable provisions of the uniform commercial code in
such  principal  amounts  as it may determine to be necessary to pay the
cost of any project or projects, or for  any  other  corporate  purpose,
including  reasonable  and  incidental expenses in connection therewith.
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.  Bonds  issued  by  the
authority  may  be  general  obligation  bonds  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,  subject  to  any  agreements  entered  into  between  the
authority and the city, and the authority, the water board and the city,
and  subject  to  any  agreements  with the holders of outstanding bonds
pledging any particular property, revenues or moneys.
2. The authority is authorized to obtain from any department or agency
of the United States or the state or  any  non-governmental  insurer  or
financial  institution,  any insurance, guaranty or other credit support
device, to the extent now or hereafter available,  as  to,  or  for  the
payment  or  repayment  of  interest  or principal, or both, or any part
thereof, on any bonds issued by the authority  and  to  enter  into  any
agreement  or  contract  with respect to any such insurance or guaranty,
except to the extent that the same would in any way impair or  interfere
with  the  ability  of the authority to perform and fulfill the terms of
any agreement made with the holders of bonds or notes of  the  authority
as may then exist.
3.  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 may provide, except that bonds and any renewals
thereof  shall  mature  within forty years of the date of their original
issuance and notes and any renewal  thereof  shall  mature  within  five
years  of  the  date  of  their  original  issuance. Such bonds shall be
subject to such terms of redemption, bear interest at such rate or rates
payable at  such  times,  be  in  such  form,  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  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 issue of bonds may be sold by the authority
at private sale unless  such  sale  and  the  terms  thereof  have  been
approved  in  writing  by (a) the comptroller, where such sale is not to
such comptroller, or (b) by the state director of the budget, where such
sale is to be to the 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 or authority obligations.
4. The authority may also enter into loan agreements, lines of  credit
and other security agreements and obtain for or on its behalf letters of
credit, insurance, guarantees or other credit enhancements to the extent
now  or  hereafter  available, in each case for securing its bonds or to
provide direct payment of any costs which the authority is authorized to
pay.
5. 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 part of the revenues, other monies or property  of
the  authority  to  secure  the  payment  of  the bonds, or any costs of
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) 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;
(e)  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;
(f)  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;
(g)  the  creation  of special funds into which any revenues or monies
may be deposited;
(h) the terms and provisions of any trust, mortgage, deed or indenture
securing the bonds under which the bond may be issued;
(i) 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  to  appoint a trustee pursuant to this title or limiting or
abrogating the rights of  the  bondholders  to  appoint  a  trustee,  or
limiting the rights, duties and powers of such trustee;
(j)  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;
(k) limitations on the power of the authority  to  sell  or  otherwise
dispose of any project or any part thereof;
(l)  limitations  on  the  amount  of  revenues and other monies to be
expended  for  operating,  administrative  or  other  expenses  of   the
authority;
(m) the payment of the proceeds of bonds, revenues and other monies to
a  trustee  or  other  depository,  and  for  the method of disbursement
thereof with such safeguards  and  restrictions  as  the  authority  may
determine; and
(n)  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.
6.  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  adopt  resolutions  and  enter  into such trust
indentures, agreements or other instruments as the  authority  may  deem
necessary,  convenient or desirable concerning the use or disposition of
its revenues or other monies or property, including  the  mortgaging  of
any  property  and  the  entrusting,  pledging  or creation of any other
security interest in any such revenues, monies 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 resolutions, trust
indentures, agreements or other instruments. The  authority  shall  have
power   to   enter  into  amendments  of  any  such  resolutions,  trust
indentures,  agreements or other instruments. The provisions of any such
resolutions, trust indentures, agreements or other  instruments  may  be
made a part of the contract with the holders of bonds of the authority.
7.  Any  provision  of  the  uniform  commercial  code to the contrary
notwithstanding, any pledge of or other security interest  in  revenues,
monies, accounts, contract rights, general intangibles or other personal
property  made  or created by the authority or the water board, pursuant
to this title,  shall  be  valid,  binding  and  perfected  against  all
persons,  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 or the
water board, irrespective of whether 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.
8.  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
the provisions of the bonds for registration.
9. Neither the members of the authority nor any person  executing  its
bonds  shall  be  liable  personally  on  its bonds or be subject to any
personal liability or accountability by reason of the issuance thereof.
10. Subject to such agreements with bondholders as may then exist, the
authority shall have power  out  of  any  funds  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. Bonds so purchased shall thereupon be
cancelled.