2023 New York Laws › PBA - Public Authorities › Article 3 - Bridge and Tunnel Authorities › Title 7 - Nassau County Bridge Authority › 661 - Bonds of the Authority.

§  661. Bonds of the authority.  1. The authority shall have the power
and is hereby authorized from time to time to issue its negotiable bonds
in conformity with applicable provisions of the uniform commercial  code
for  any  corporate  purpose  in  the  aggregate principal amount of not
exceeding an amount fixed by the county legislature from time to time by
ordinance. 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 corporate purpose. 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, every issue of the
bonds shall be general obligations payable out of any moneys or revenues
of the authority, subject only to any agreements  with  the  holders  of
particular bonds pledging any particular tolls or revenues.
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
forty  years  from their respective dates, bear interest at such rate or
rates, as the board shall determine and shall be payable  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  such  medium  of  payment,  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. The bonds may be issued for any corporate purpose of the authority.
4. 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 tolls and revenues of the  project
to  secure  the  payment  of  the  bonds subject to such agreements with
bondholders as may then exist;
(b) the rates of the tolls to be charged, and the amounts to be raised
in each year by tolls, and the use and  disposition  of  the  tolls  and
other 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 the project in connection with which such bonds are issued;
(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 any 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  six  hundred  sixty-six  hereof, and
limiting or abrogating the right of the bondholders to appoint a trustee
under  said  section hereof 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.
5.  It  is  the  intention  hereof  that  any pledge of tolls or other
revenues or other moneys made  by  the  authority  shall  be  valid  and
binding  from  the time when the pledge is made; that the tolls or other
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.
6.  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.
7.  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.