2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 13-FF - Oneida-Herkimer Solid Waste Management Authority › 2049-HH - Bonds of the Authority.

§  2049-hh.  Bonds  of  the authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue bonds in  such
principal amounts as it may determine to be necessary to pay the cost of
any  project  or  for  any other corporate purpose, including incidental
expenses in connection therewith. The authority shall  have  power  from
time  to  time  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
corporate  purpose.  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,
guarantee  or  other  credit  support  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.
2.  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 shall
mature within thirty years from the date of  original  issuance  of  any
such  bonds.  Obligations with a maturity of five years or less from the
date of their original issuance may be denominated as notes. Bonds shall
be subject to such terms of redemption, bear interest at  such  rate  or
rates, which may vary from time to time, be payable at such times, be in
such  form,  carry  such  registration  privileges,  be executed in such
manner, be payable in such medium of payment at such  place  or  places,
shall  be  subject to tender to the authority with or without extinction
or cancellation and be subject to such  terms  and  conditions  as  such
resolution  may provide. Bonds may be sold at public or private sale for
such price or prices as the authority shall determine, provided that  no
bonds  of  the  authority shall be sold by the authority at private sale
unless such sale and the terms thereof have been approved in writing  by
the  state comptroller, which such sale is not to the comptroller, or by
the state director of the budget, where such sale is to the comptroller.
The authority may pay all expenses, premiums and  commissions  which  it
may  deem  necessary or advantageous in connection with the issuance and
sale of bonds.
3. 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, 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 as may then exist;
(b)  The  setting  aside of reserves and the creation of sinking funds
and the regulations and disposition thereof;
(c) Limitations on the purpose to which the proceeds from the sale  of
the 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 trustee appointed by the
bondholders pursuant to section two thousand forty-nine-ii of 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  omission  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.
4. 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 enter into such agreements  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  or  other  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 agreements. The authority shall have power to enter into amendments
of  any  such  agreements  within the powers granted to the authority by
this title and to perform such agreements. The provisions  of  any  such
agreements  may be made a part of the contract with the holders of bonds
of the authority.
5. 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  perfected  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.
6.  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 the purposes of the uniform commercial code, subject only to the
provisions of the bonds for registration.
7. Neither the members of the authority nor any person executing bonds
shall be liable  personally  thereon  or  be  subject  to  any  personal
liability or accountability by reason of the issuance thereof.
8.  The authority, subject to such agreements with bondholders as then
may exist, shall have power out of  any  moneys  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, (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.