2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 1-A* - Green Island Power Authority › 1020-H*2 - Bonds and Notes of the Authority.

* §  1020-h.  Bonds and notes of the authority. 1. The authority shall
have the power and is hereby authorized from time to time to issue bonds
in conformity with applicable provisions of the uniform commercial  code
for  any  of  its  corporate  purposes, including incidental expenses in
connection therewith, and to secure the  payment  of  the  same  by  the
pledge  of  the  revenues of the authority or by lien on the property of
the authority. The authority shall have power from time to time 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 of its corporate purposes. Bonds issued  by  the  authority  may  be
general  obligations secured by the faith and credit of the authority or
may be special obligations payable out of particular revenues  or  other
moneys  of  the authority as may be designated in the proceedings of the
authority under which the  bonds  shall  be  authorized  to  be  issued,
subject  only  to  any  agreements with the holders of outstanding bonds
pledging any particular moneys, earnings or revenues.
2. The authority is authorized to obtain from any department or agency
of the United States of America or  the  state  or  any  nongovernmental
insurer or financial institution any insurance, guaranty or other credit
support  device, to the extent now or hereafter available, as to, or for
the payment or repayment of interest or principal, or both, or any  part
thereof,  on  any  bonds  issued  by the authority and to enter into any
agreement or contract with respect to any such  insurance  or  guaranty,
except  to the extent that the same would in any way impair or interfere
with the ability of the authority to perform and fulfill  the  terms  of
any  agreement  made  with  the  holders  of  outstanding  bonds  of the
authority.
3. The bonds shall be authorized by resolution of  the  authority  and
shall bear such date or dates, mature at such time or times, except that
bonds  and  any  renewal  thereof shall mature within forty years of the
date of their original issuance and notes and any renewal thereof  shall
mature  within  five  years of the date of their original issuance, bear
interest at such rate or rates per annum payable at such  times,  be  in
such denominations, 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  and  be subject to such terms and conditions, as such
resolution or resolutions may provide. Such bonds of the  authority  may
be  sold  at  public  or  private  sale  for such price or prices as the
authority shall determine, provided that no issue of bonds may  be  sold
at  private  sale unless the terms of such sale shall have been approved
in writing by (i) the comptroller,  where  such  sale  is  not  to  such
comptroller,  or  (ii) the director of the budget, where such sale is to
such comptroller. The foregoing provisions shall be applicable to  bonds
issued  by  the  authority  notwithstanding  the provisions of any other
general, special or local law to the contrary.
4. Any resolution or resolutions  of  the  authority  authorizing  any
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  of  the  authority,
together with any other moneys, securities, contracts or property of the
authority  to  secure  the  payment  of the bonds or of any issue of the
bonds, subject to such agreements with bondholders as may then exist;
(b) the rates, rentals,  fees  and  other  charges  to  be  fixed  and
collected and the amounts to be raised in each year thereby, and the use
and disposition of the earnings and other revenues;
(c)  the  setting  aside of reserves and the creation of sinking funds
and the regulation and disposition thereof;
(d) limitations on the right of the authority to restrict and regulate
the use of the properties  in  connection  with  which  such  bonds  are
issued;
(e)  limitations  in the purposes to which the proceeds of sale of any
issue of bonds may be applied and pledging such proceeds to  secure  the
payment of the bonds or any issue of the bonds;
(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,  including  the  proportion  of
bondholders  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  other
moneys of the authority may be deposited;
(i)  the  terms  and  provisions  of  any  mortgage  or  trust deed or
indenture securing the bonds or under which 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 one thousand twenty-i of this title,
and  limiting  or  abrogating  the right 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 its properties or any part thereof;
(m) limitations on the amount of moneys or revenues 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  depositary,  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 may in
any way affect the security or protection of the bonds or the rights and
remedies of bondholders.
5. 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  of  its  properties and the entrusting, pledging or
creation of any other security interest in any such revenues, moneys  or
properties 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.
6.  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. Neither
the resolution nor any other instrument by which such pledge or security
interest is created nor any financing statement relating thereto need be
recorded or filed.
7.  Whether  or  not  the  bonds of the authority 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 purposes  of  the  uniform  commercial  code,
subject only to the provisions of the bonds for registration.
8.  Neither  the members nor officers 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.
9. The authority, subject to such agreements with bondholders as  then
may  exist,  shall  have  power  out  of any funds available therefor to
purchase bonds of the authority, which shall thereupon be cancelled.
10. 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  orginal  note.  Such  notes  shall  be paid from any moneys of the
authority available therefor and  not  otherwise  pledged  or  from  the
proceeds  of sale of the bonds of the authority in anticipation of which
they were issued. The notes shall be issued in the same  manner  as  the
bonds  and  such notes and the resolution or resolutions authorizing the
same may contain any provisions, conditions  or  limitations  which  the
bonds  or a bond resolution of the authority may contain. Such notes may
be sold at public or private sale  for  such  price  or  prices  as  the
authority  shall  determine, provided that no issue of notes may be sold
at private sale unless the terms of such sale shall have  been  approved
in  writing  by  (i)  the  comptroller,  where  such sale is not to such
comptroller, or (ii) the director of the budget, where such sale  is  to
such comptroller.
* NB There are 2 § 1020-h's