2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 34 - Syracuse Regional Airport Authority › 2799-JJJ - Bonds of the Authority.

§  2799-jjj.  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
corporate purpose, 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 three hundred million dollars ($300,000,000), excluding
bonds,  notes  or  other obligations issued to refund or otherwise 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  three  hundred  million  dollars
($300,000,000) only if the present value of the aggregate  debt  service
of  their  funding  or repayment 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 values of the  aggregate  debt
service  of the refunding or repayment bonds, notes or other obligations
and of  the  aggregate  debt  service  of  the  bonds,  notes  or  other
obligations  so refunded or repaid, shall be calculated by utilizing the
effective interest rate of the refunding or repayment  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 bonds,
notes or other obligations from the payment dates thereof to the date of
issue of the refunding or repayment bonds, notes  or  other  obligations
and  to  the  price bid including estimated accrued interest or proceeds
received by the authority including estimated accrued interest from  the
sale thereof. The authority shall have 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
of any bonds.
2.  The authority shall have power from time to time to renew bonds or
to issue renewal bonds for such purpose, 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 corporate purpose of the  authority.  Bonds  (other
than  notes  or  other  evidence  of  indebtedness) issued for refunding
purposes, which have a final maturity date longer than the  maturity  of
the  bonds  being  refunded,  shall  be  approved by a resolution of the
common council adopted by a majority vote and  approved  by  the  mayor.
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  moneys  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  moneys.  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 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.
(c) 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,
Sundays excepted, after a notice of such  sale  has  been  published  at
least  once  in a newspaper of general circulation in the area served by
the authority and on the authority website, 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 and on the  authority  website  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
in pursuance of such advertisements, and in the event of such rejection,
the  authority  is  authorized  to negotiate a private or public sale or
re-advertise for bids in the form and manner  above  described  as  many
times  as,  in  its  judgment, may be necessary to effect a satisfactory
sale.
(d)  Notwithstanding  the  provisions  of  the  preceding   paragraph,
whenever in the judgment of the authority the interests of the authority
will  be  served  thereby,  the members 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.
(e)  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 for private or public
bond  sales  conducted  pursuant  to  a  request  for  proposal  process
undertaken  at  least  once annually and consideration of proposals from
qualified  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.
(f) 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.
(g) No private or public bond sale on  a  negotiated  basis  shall  be
conducted   by  the  authority  without  prior  approval  of  the  state
comptroller and the city comptroller.
(h) 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.
(i) The authority shall annually submit its bond sale  report  to  the
state  comptroller  and  copies thereof to the senate finance committee,
the assembly ways and means committee and the authority budget office.
(j) The authority shall make available to the  public  copies  of  its
bond sale report upon reasonable request therefore.
(k)  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 to:
(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 then
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  provision  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 perfected 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
negotiable instruments under the terms of the uniform  commercial  code,
the  bonds  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.
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, which shall thereupon be cancelled, at
a price not  exceeding  (a)  if  the  bonds  are  then  redeemable,  the
redemption  price  then  applicable  plus  accrued  interest to the next
interest payment date, or (b) 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
cancelled.