2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 4-A - City of Albany Parking Authority › 1493-I - Bonds of the Authority.

§  1493-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  purpose   mentioned   in   section   fourteen   hundred
ninety-three-d   hereof,   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  seventy-five 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. Notwithstanding the fact that the bonds may be payable from  a
special  fund, if they are otherwise 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 article eight  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 as such resolution may provide, 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 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 thereof, 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  trustees  appointed  by  the
bondholders  pursuant to section fourteen hundred ninety-three-p 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 fourteen
hundred ninety-three-h of this title 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 fourteen
hundred ninety-three-p upon a trustee appointed by bondholders.