2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 27-A - Greater Rochester Sports Authority › 2582 - Bonds of the Authority.

§  2582. Bonds of the authority. 1. The authority shall have the power
and is hereby authorized from time to time  to  issue  bonds,  notes  or
other  obligations  to  pay  the  cost  of  any project or for any other
purpose under this title, including the  establishment  of  reserves  to
secure  the  bonds,  the  payment  of principal of, premium, if any, and
interest on  the  bonds  and  the  payment  of  incidental  expenses  in
connection  therewith.  The  aggregate  principal  amount of such bonds,
notes or other obligations  shall  not  exceed  thirty  million  dollars
($30,000,000),  excluding  bonds,  notes  or other obligations issued to
refund or repay bonds, notes, or other  obligations  theretofore  issued
for  such  purposes;  provided, however, that upon any such refunding or
repayment the total aggregate principal  amount  of  outstanding  bonds,
notes  or  other  obligations may be greater than thirty million dollars
($30,000,000), only if the present value of the aggregate  debt  service
of the refunding or repayment of bonds, notes or other obligations to be
issued  shall not exceed the present value of the aggregate debt service
of the bonds, notes or other obligations so to be  refunded  or  repaid.
For  purposes  of  this section, the present value of the aggregate debt
service  of  the  refunding  or  repayment  of  bonds,  notes  or  other
obligations  and the aggregate debt service of the bonds, notes or other
obligations and of the aggregate debt service of  the  bonds,  notes  or
other  obligations  so  to  be refunded or repaid shall be calculated by
utilizing the effective interest rate of the refunding or  repayment  of
bonds,  notes  or other obligations, which shall be that rate arrived at
by doubling the semi-annual  interest  rate  (compounded  semi-annually)
necessary  to  discount  the  debt  service payments on the refunding or
repayment of bonds, notes or other obligations  from  payment  of  debts
thereof  to  the  date  of issue of the refunding or repayment of bonds,
notes or other obligations and to  the  price  bid  including  estimated
accrued  interest  from  the  sale thereof. The authority shall have the
power and is hereby authorized to enter into such agreements and perform
such acts as may be required under any applicable federal legislation to
secure a federal guarantee or other subsidy with respect to any bonds.
2. The authority shall have the power from time to time to renew bonds
or to issue renewal bonds for the purposes authorized under this  title,
to issue bonds to pay bonds, and, whenever it deems refunding expedient,
to refund any bond 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  of  the
authority. Bonds issued for refunding purposes shall  be  sold  and  the
proceeds  applied to the purchase, redemption or payment of the bonds or
notes to be refunded.
3. Bonds issued by the authority may be general obligations secured by
the faith and credit of the authority  or  may  be  special  obligations
payable  solely  out  of  particular  revenues or other monies as may be
designated in the proceedings of the authority  under  which  the  bonds
shall  be  authorized  to  be issued, subject as to priority only to any
agreements with the holders of outstanding bonds pledging any particular
property, revenues or monies. 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.
4. (a) Bonds shall be authorized by resolution of the  governing  body
of  the  authority, be in such denominations and bear such date or dates
and mature at such time  or  times,  as  such  resolution  may  provide,

provided  that  bonds  and  renewals  thereof shall mature within thirty
years from the date of original issuance of any such bonds.
(b)  Bonds shall be subject to such terms of redemption, bear interest
at such rate or rates, be payable at such times, 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 and conditions as such resolution
may provide. Notwithstanding any other provision of law,  the  bonds  of
the  authority  issued  pursuant  to  this  section shall be sold to the
bidder offering the lowest true interest cost, taking into consideration
any premium or discount not less than four nor more than  fifteen  days,
Sunday excepted, after a notice of such sale has been published at least
once  in  a  newspaper of general circulation in the service area of the
authority, which shall state the terms of the sale.  The  terms  of  the
sale  may  not  change unless notice of such change is published in such
newspaper at least one day prior to the date of the sale as set forth in
the original notice of sale. Advertisements shall contain a provision to
the effect that the authority, in its discretion, may reject any or  all
bids  made  pursuant  to  such  advertisements, and in the event of such
rejection, the authority is authorized to negotiate a private or  public
sale  or  readvertise for bids in the form and manner above described as
many times as, in its judgment, may be necessary to effect  satisfactory
sale.
(c)   Notwithstanding   the   provisions  of  paragraph  (b)  of  this
subdivision, whenever in the judgment of the authority the interests  of
the  authority  will  be  served  thereby,  the  governing  body  of the
authority,  on  the  written  recommendation  of  the  chairperson   may
authorize  the  sale  of  such  bonds  at  private  or  public sale on a
negotiated basis or on either a competitive  or  negotiated  basis.  The
authority shall set guidelines governing the terms and conditions of any
such  private  or  public  sales.    The  private  or  public  bond sale
guidelines set by the authority shall include, but not be limited to,  a
requirement  that where the interests of the authority will be served by
a  private  or  public  sale  of  bonds,  the  authority  shall   select
underwriters  taking into account, among other things, qualifications of
underwriters as to experience,  their  ability  to  structure  and  sell
authority  bond  issues,  anticipated  costs to the authority, the prior
experience of the authority with the firm, if any, the capitalization of
such firms, participation of qualified minority and women-owned business
enterprise firms in such  private  or  public  sales  of  bonds  of  the
authority and the experience and ability of firms under consideration to
work with minority and women-owned business enterprises so as to promote
and assist participation by such enterprises.
(d) The authority shall have the power from time to time to amend such
private  bond  sale guidelines in accordance with the provisions of this
subdivision.
(e) No private or public bond sale on  a  negotiated  basis  shall  be
conducted   by  the  authority  without  prior  approval  of  the  state
comptroller. The authority shall annually prepare  and  approve  a  bond
sale  report  which  shall  include  the  private  or  public  bond sale
guidelines  as  specified  in  this  subdivision,  amendments  to   such
guidelines  since  the  last  private  or  public  bond  sale report, an
explanation of the bond sale guidelines and amendments, and the  results
of  any  sale  of bonds conducted during the fiscal year. Such bond sale
report may be a part of any other annual report that  the  authority  is
required to make.
(f)  The  authority  shall annually submit its bond sale report to the
state comptroller and copies thereof to the senate finance committee and
the assembly ways and means committee.
(g)  The  authority  shall  make available to the public copies of its
bond sale report upon reasonable request thereof.
(h) Nothing contained in this subdivision shall be  deemed  to  alter,
affect  the  validity of, modify the terms of, or impair any contract or
agreement made or entered into in violation of,  or  without  compliance
with, the provisions of this subdivision.
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 follows:
(a) pledging all or any part of the revenues, other moneys 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 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) the rates, rents, fees and other charges to be fixed and collected
by the authority and the amount to be raised in each  year  thereby  and
the use and disposition of revenues;
(e) 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;
(f) 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;
(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) the creation of special funds into which any  revenues  or  moneys
may be deposited;
(i) the terms and provisions of any trust, mortgage, deed or indenture
securing the bonds under which the bonds may be issued;
(j)  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 pursuant to this title and limiting or abrogating the rights
of the bondholders to appoint a trustee under such section  or  limiting
the rights, duties and powers of such trustee;
(k)  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;
(l) limitations on the power of the authority  to  sell  or  otherwise
dispose of any project or any part thereof;
(m)  limitations  on  the  amount  of  revenues and other moneys to be
expended  for  operating,  administrative  or  other  expenses  of   the
authority;
(n) the payment of the proceeds of bonds, revenues and other moneys to
a  trustee  or  other  depository,  and  for  the method of disbursement

thereof with such safeguards  and  restrictions  as  the  authority  may
determine; and
(o)  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 moneys or property, including  the  mortgaging  of
any  property  and  the  entrusting,  pledging  or creation of any other
security interest in any such revenues, moneys 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 provisions of the  uniform  commercial  code  to  the  contrary
notwithstanding,  any  pledge of or other security interest in revenues,
moneys, accounts, contract rights, general intangibles or other personal
property made or created by the authority shall be  valid,  binding  and
perfected  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 perfect against all parties having claims of
any  kind  in  tort,  contract  or  otherwise,  against  the   authority
irrespective  of  whether  or  not  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
securities under the terms of the uniform commercial code, the bonds are
hereby made securities 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, in lieu of redemption, at a price not
exceeding, if the bonds are then redeemable, the redemption  price  then
applicable  plus accrued interest to the next interest payment date, or,
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 canceled.
11. The authority shall have power and is hereby authorized  to  issue
negotiable   bond  anticipation  notes  in  conformity  with  applicable
provisions of the uniform commercial code and may renew  the  same  from
time  to  time  but  the  maximum  maturity  of any such note, including
renewals thereof, shall not exceed five years from the date of issue  of
such original note.
12.  The  authority  may  request  of  the  state  an  increase in the
aggregate amount of bonds, notes or  other  obligations  established  in

subdivision  one of this section only upon a two-thirds majority vote of
the board.