2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 21 - Middletown Parking Authority › 1621-I - Bonds of the Authority.

* §  1621-i.  Bonds  of the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue its negotiable
bonds for any of its corporate purposes and to pay such expenses,  costs
and  payments as may be deemed by the board necessary or desirable to or
in  connection  with  the  acquisition,  construction,   reconstruction,
improving,  equipping  and  furnishing  of any project and the financing
thereof,  including  surveys,  planning,  provisions   for   capitalized
interest, reserve funds and appropriate feasibility studies, and for the
placing of the project or projects in operation. The aggregate principal
amount  of  such  bonds  outstanding  at  any  one time shall not exceed
twenty-five percent of the bonded indebtedness limitation from  time  to
time  imposed  by section 104.00 of the local finance law. The authority
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
described in this subdivision. 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, payment or
redemption of the bonds to be  refunded.  Except  as  may  otherwise  be
expressly  provided  by the authority, the bonds of every issue shall be
general obligations of the  authority  payable  out  of  any  moneys  or
revenues  of  the  authority,  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 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, as such resolution or resolutions may provide.
The bonds may be sold at public or private sale for such price or prices
as  the  authority  shall determine; provided, however, that any private
sale shall be subject to the approval of  the  state  comptroller  where
such sale is not to the comptroller, or the director of the budget where
such sale is to the comptroller.
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 of a project or projects
and revenues and income 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, 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 authority 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  of  any
issue of the bonds;
(f)  limitations  on  the issuance of additional bonds; 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)  limitations  on the amount of moneys derived from a project to be
expended  for  operating,  administrative  or  other  expenses  of   the
authority;
(i) vesting in a trustee or trustees such property, rights, powers and
duties  in trust as the authority may determine which may include any or
all, the rights, powers and duties  of  the  trustee  appointed  by  the
bondholders  pursuant  to  section  sixteen hundred twenty-one-p of this
title, and limiting or  abrogating  the  right  of  the  bondholders  to
appoint  a trustee under said section or limiting the rights, duties and
powers of such trustee;
(j) any other matters, of like or different character,  which  in  any
way affect the security or protection of the bonds.
4.  Notwithstanding  any  other  provision of law, it is the intention
hereof that any pledge of revenues or other moneys made by the authority
shall be valid and binding from the time when the pledge is  made;  that
the  revenues  or other moneys so pledged and thereafter received by the
authority shall immediately be  subject  to  the  lien  of  such  pledge
without  any physical delivery thereof or further act; and that 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 or filed  in  order  to  protect  the  security
interest granted.
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 or accountability by reason of the issuance thereof.
6.  The authority shall have power out of any funds available therefor
to purchase bonds upon such terms and conditions as  the  authority  may
determine.  The authority may hold, cancel or resell such bonds, subject
to and in accordance with agreements with bondholders.
7. In the discretion of the authority, the bonds may be secured  by  a
trust  indenture  by  and between the authority and a corporate trustee,
which may be any trust company, bank  or  national  banking  association
having  the  powers  of  a  trust company in the state of New York. Such
trust indenture may contain such provisions for protecting and enforcing
the rights and remedies of the bondholders  as  may  be  reasonable  and
proper  and  not  in violation of law, including covenants setting forth
the  duties  of  the  authority  in  relation   to   the   construction,
maintenance, operation, repair and insurance of the project or projects,
and  the  custody,  safeguarding  and application of all moneys, and may
provide that the project or projects shall be constructed and  paid  for
under   the  supervision  and  approval  of  consulting  engineers.  The
authority may provide by such trust indenture for  the  payment  of  the
proceeds  of  the  bonds  and the revenues of the project or projects or
other revenues  of  the  authority  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.  All
expenses incurred in carrying out such trust indenture may be treated as

a part of the cost of maintenance, operation, and repairs of the project
or  projects.  If  the  bonds shall be secured by a trust indenture, the
bondholders shall have no authority to appoint  a  separate  trustee  to
represent  them,  and  the trustee under such trust indenture shall have
and possess all of the powers which are  conferred  by  section  sixteen
hundred   twenty-one-p  of  this  title  upon  a  trustee  appointed  by
bondholders.
* NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)