2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 14** - City of Niagara Falls Parking Authority › 1599-H*3 - Bonds of the Authority.

* §  1599-h.  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 purpose mentioned in section 1599-c hereof, including  the
acquisition,  construction,  reconstruction  and  repair of personal and
real property of all kinds deemed  by  the  board  to  be  necessary  or
desirable  to carry out such purpose, as well as to pay such expenses as
may be deemed by the board  necessary  or  desirable  to  the  financing
thereof  and  placing  the  project  or  projects  in  operation  in the
aggregate principal amount  of  not  exceeding  twenty  million  dollars
outstanding at any one time. 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 for 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.  Notwithstanding  the  fact
that the bonds may be payable from a special fund, if they are otherwise
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  article eight 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,  not  exceeding  five  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 five
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  as  may  then
exist;
(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 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 thereof, 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  1599-o  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 such trustee;
(j) any other matters, of like or different character,  which  in  any
way affect the security or protection of the bonds.
4.  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.
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. 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 or bank 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. Notwithstanding the provisions of  section  1599-g
of  this title 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  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 1599-o upon a trustee appointed by
bondholders.
* NB Authority ceased to exist 07/01/1974
* NB There are 4 § 1599-h's