2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 15 - Auburn Industrial Development Authority › 2316 - Bonds of the Authority.

§  2316. 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 of its corporate purposes in an aggregate principal  amount  not
exceeding  five  hundred  million  dollars,  including  interest  during
construction and a reasonable period thereafter and such expenses as may
be deemed by the board necessary or desirable to the  financing  thereof
and  placing  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 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 of 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. 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 authority 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 rates, not exceeding fifteen per centum per annum 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, but which shall not at the  time  of  sale  yield  more  than
fifteen per centum per annum.
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 or the city 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  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 the rights, powers and duties  of  the  trustees  appointed  by  the
bondholders  pursuant to section twenty-three hundred thirty 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 trustee;
(j) any other matters, of like or different character,  which  in  any
way affect the security or protection of the bonds.