2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 18 - Tarrytown Parking Authority › 1600-I - Bonds of the Authority.

* §  1600-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, without limitation  as  to  amount,  for  any  of  its  corporate
purposes  and  to pay such expenses, costs and payments as may be deemed
by the board necessary  or  desirable  to  or  in  connection  with  the
acquisition,  construction,  reconstruction,  improving,  equipping  and
furnishing of any project and the financing thereof, including  surveys,
planning,   provisions  for  capitalized  interest,  reserve  funds  and
appropriate feasibility studies, and for the placing of the  project  or
projects  in operation. 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,  payment  or redemption of the bonds to be refunded. 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. Whether or not the bonds are 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 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, payable annually or semi-annually, 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.
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
and  revenues  and  income of the authority 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 thereto, 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 of the rights, powers and duties of the  trustee  appointed  by  the
bondholders  pursuant  to  section  sixteen hundred-p of this title, 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. Notwithstanding any other provision of law,  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  or  filed  in order to protect the security
interest granted.
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  upon such terms and conditions as the authority may
determine. 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, bank or national banking association
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.   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  or
other  revenues  of  the  authority  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 sixteen
hundred-p of this title upon a trustee appointed by bondholders.
* NB Ceased to exist December 31, 1999