2023 New York Laws › PBA - Public Authorities › Article 2 - Park, Parkway and Highway Authorities › Title 9 - New York State Thruway Authority › 365 - Notes or Bonds of the Authority.

§  365.  Notes  or  bonds  of  the  authority.  1.  (a) Subject to the
provisions of  section  three  hundred  sixty-six  of  this  title,  the
authority  shall  have  the  power and is hereby authorized from time to
time to  issue  its  negotiable  notes  and  bonds  in  conformity  with
applicable  provisions  of the uniform commercial code in such principal
amount as, in the opinion  of  the  authority,  shall  be  necessary  to
provide  sufficient moneys for achieving the corporate purposes thereof,
including construction, reconstruction and improvement  of  the  thruway
sections  and  connections,  and  highway  connections herein described,
together with suitable facilities and appurtenances, the payment of  all
indebtedness to the state, the cost of acquisition of all real property,
the  expense  of  maintenance and operation, interest on notes and bonds
during  construction   and   for   a   reasonable   period   thereafter,
establishment  of  reserves  to  secure  notes  or  bonds, and all other
expenditures of the authority incident to and necessary or convenient to
carry out its corporate purposes and powers.
(b) The authority shall have power from time to time to issue  renewal
notes,  to  issue  bonds  to  pay notes, 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. The refunding bonds shall be sold and the proceeds  applied  to
the purchase, redemption or payment of the bonds to be refunded.
(c)  Except  as  may otherwise be expressly provided by the authority,
every issue of the notes or bonds shall be general  obligations  payable
out  of  any  moneys  or  revenues of the authority, subject only to any
agreements with the holders of notes or bonds pledging any  receipts  or
revenues.
2. The notes and bonds shall be authorized by resolution of the board,
shall  bear  such date or dates and mature at such time or times, in the
case of notes and any renewals thereof within  five  years  after  their
respective dates and in the case of bonds not exceeding forty years from
their  respective  dates, as such resolution or resolutions may provide.
The notes and bonds shall bear interest at such rate  or  rates,  be  in
such  denominations, be in such form, either coupon or registered, 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 of redemption as such resolution or resolutions may provide. Bonds
and notes shall be sold by the authority, at public or private sale,  at
such  price or prices as the authority may determine. Bonds and notes of
the authority shall not be sold by the authority at private sale  unless
such  sale  and  the  terms thereof have been approved in writing by the
comptroller, where such sale is  not  to  the  comptroller,  or  by  the
director of the budget, where such sale is to the comptroller.
3. Any resolution or resolutions authorizing any notes or bonds or any
issue  thereof  may  contain  provisions,  which  shall be a part of the
contract with the holders thereof, as to
(a) pledging all or any part of  the  fees,  charges,  gifts,  grants,
rents, revenues or other moneys received or to be received and leases or
agreements  to  secure the payment of the notes or bonds or of any issue
thereof subject to such agreements with bondholders as may then exist;
(b) The rates of the fees  or  charges  to  be  established,  and  the
amounts to be raised in each year thereby and the use and disposition of
the  fees,  charges,  gifts,  grants,  rents,  revenues  or other moneys
received or to be received;
(c) the setting aside of reserves or sinking funds, and the regulation
and disposition thereof;
(d) limitations on the purpose to which the proceeds of  sale  of  any
issue  of  notes or bonds then or thereafter to be issued may be applied
and pledging such proceeds to secure the payment of the notes  or  bonds
or of any issue thereof;
(e)  limitations  on  the  issuance  of additional notes or bonds; the
terms upon which additional notes or bonds may be  issued  and  secured;
the refunding of outstanding or other notes or bonds;
(f)  the  procedure,  if  any, by which the terms of any contract with
noteholders or bondholders may be amended or abrogated,  the  amount  of
notes or bonds the holders of which must consent thereto, and the manner
in which such consent may be given;
(g)  limitations  on  the  amount  of  moneys  to  be  expended by the
authority  for  operating,  administrative  or  other  expenses  of  the
authority;
(h) in the case of notes or bonds not guaranteed by the state, 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  this  title,  and  limiting or abrogating the right of the
bondholders to appoint a  trustee  under  this  title  or  limiting  the
rights, duties and powers of such trustee;
(i)  the  acquisition  of  jurisdiction  over,  and  of  property for,
thruways, and the construction, reconstruction, improvement, maintenance
or operation thereof;
(j) any other matters, of like or different character,  which  in  any
way affect the security or protection of the notes or bonds.
4.  Whenever  the  authority  pledges  its revenues under a resolution
authorized by this section,  such  resolution  shall  not  prohibit  the
authority   from   financing  for  additional  corporate  transportation
purposes authorized by law secured  by  an  additional  pledge  of  such
revenues.  Such  additional pledge of revenues may, in the discretion of
the authority, be subordinate to the pledge of  such  revenues  securing
other  bonds,  notes or other evidence of indebtedness of the authority.
Provided, however, the authority shall  not  make  any  such  additional
pledge  if  the  security  of  the  bonds,  notes  or other evidences of
indebtedness previously issued will be impaired as a result thereof.
5. It is the intention hereof that any pledge made  by  the  authority
shall  be  valid and binding from the time when the pledge is made; that
the 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.
6. Neither the members of the board nor any person executing the notes
or bonds shall be liable personally on the notes or bonds or be  subject
to  any  personal  liability or accountability by reason of the issuance
thereof.
7. The authority shall have power out of any funds available  therefor
to  purchase  notes  or  bonds, which shall thereupon be cancelled, at a
price not exceeding (a) if the notes or bonds are then  redeemable,  the
redemption  price  then  applicable  plus  accrued  interest to the next
interest payment date thereon, or (b) if the notes or bonds are not then
redeemable, the redemption price applicable on the first date after such
purchase upon which the notes or bonds become subject to redemption plus
accrued interest to said date.