2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 7* - Endicott Parking Authority › 1558*2 - Bonds of the Authority.

* §  1558.  Bonds  of  the  authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue its negotiable
bonds in conformity with applicable provisions of the uniform commercial
code for any purpose mentioned in section entitled, purpose  and  powers
of    the    authority,   including   the   acquisition,   construction,
reconstruction and repair of personal and real  property  of  all  kinds
deemed  by  the  board  to  be  necessary or desirable to carry out such
purpose, as well as to pay such expenses as may be deemed by  the  board
necessary  or desirable to the financing thereof and placing the project
or projects in operation  in  the  aggregate  principal  amount  of  not
exceeding one million dollars outstanding at any one time. 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
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 payment of the
bonds to be refunded. In computing the total  amount  of  bonds  of  the
authority  which  may  at  any  time  be  outstanding  the amount of the
outstanding bonds to be refunded from the proceeds of the  sale  of  new
bonds  or  by  exchange  for  new bonds shall be excluded. 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.
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, not exceeding five per  centum  per  annum  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, but which shall not at the time of sale yield more than  five
per centum per annum.
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
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 of the rights, powers and duties of the  trustee  appointed  by  the
bondholders  pursuant  to  section  one thousand five hundred sixty-five
hereof, 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.  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.
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. 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 or bank 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. Notwithstanding the provisions of section entitled
moneys of the  authority,  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 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  entitled  remedies   of
bondholders upon a trustee appointed by bondholders.
* NB Dissolved December 31, 1977
* NB There are 2 § 1558's