2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 19 - New York State Sports Authority › 2467 - Bond and Note Authorization.

* § 2467. Bond and note authorization. 1. The authority shall have the
power and is hereby authorized to issue from time to time its negotiable
bonds  and notes in conformity with applicable provisions of the uniform
commercial code  in  such  principal  amounts  as  the  authority  shall
determine  to be necessary to provide sufficient funds for achieving any
of its corporate purposes, including the payment of all or any  part  of
the   cost  of  acquiring,  constructing,  reconstructing,  constructing
additions to, improving, maintaining  and  operating  sport  facilities,
including  but  not  limited to buildings, structures, parking and other
facilities ancillary or  appurtenant  to  such  sports  facilities,  the
payment   of   interest  on  bonds  and  notes  of  the  authority,  the
establishment of  reserves  to  secure  such  bonds  and  notes  of  the
authority and the payment of all other expenditures, including operating
expenses,  of  the  authority  incident to or necessary or convenient to
carry out its corporate purposes and powers.
2. The authority shall have the power to issue from time to  time  (i)
notes to renew notes and (ii) bonds to pay notes, including the interest
thereon and redemption premium, if any, and, whenever it deems refunding
expedient,  to  refund  any  bonds  of  the  authority then outstanding,
whether the bonds to be refunded have or have not matured, including the
payment of any redemption premium thereon and any interest accrued or to
accrue to the earliest or subsequent date  of  redemption,  purchase  or
maturity  of  such  bonds,  by the issuance of new bonds, and, if deemed
advisable by the authority, to issue bonds partly to refund  bonds  then
outstanding  and partly for any of its corporate purposes. The refunding
bonds may be exchanged for the bonds to be  refunded  or  sold  and  the
proceeds  applied  to the purchase, redemption or payment of such bonds.
Pending such purchase, redemption  or  payment,  such  proceeds  may  be
invested  and  reinvested  in obligations of or guaranteed by the United
States of America, or in obligations of agencies of the United States of
America, secured in  such  manner  as  the  authority  shall  determine,
maturing  at  such  time  or times as shall be appropriate to assure the
prompt payment, as to principal, interest  and  redemption  premium,  if
any,  on  the  outstanding bonds to be refunded. The interest and earned
increment, if any, resulting from  any  such  investment,  may  also  be
applied  to the purchase, redemption or payment of the outstanding bonds
to be so refunded and any  balance  remaining  upon  completion  of  the
purchase,  redemption  or payment of all such outstanding bonds shall be
returned to the authority for use by it in any lawful manner.
3. No bonds or notes of the authority shall be  issued  if  upon  such
issuance  the  aggregate  principal  amount  of  bonds  and notes of the
authority then outstanding exceeds three hundred fifty million  dollars,
provided  that  such  statutory  maximum  principal  amount shall not be
construed as constituting a  contract  between  the  authority  and  the
holders  of its bonds or notes that additional bonds or notes may not be
issued subsequently by the authority in the event  that  such  statutory
maximum  shall  be  increased  subsequently  by law and provided further
that, in determining such aggregate  principal  amount  there  shall  be
deducted  (i)  all  sums then available for the payment of such bonds or
notes either at maturity or through the operation  of  a  sinking  fund;
(ii)  the  aggregate principal amount of outstanding bonds issued (a) to
refund notes and  (b)  to  refund  bonds  theretofore  issued  and  then
outstanding;  and  (iii)  the  aggregate principal amount of outstanding
notes issued to renew notes theretofore issued and then outstanding.
4. The  issuance  of  bonds  and  notes  by  the  authority  shall  be
authorized by resolution or resolutions of the authority without further
authorization  or  approval,  which resolution or resolutions shall be a

part of the contract with the holders of  the  bonds  or  notes  thereby
authorized and may contain provisions as to:
(a)  pledging  all  or  any  part  of the moneys, earnings, income and
revenues derived from the project 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 payments, fees or other charges to be fixed,  established  and
collected and the amounts to be raised in each year thereby, and the use
and disposition of the moneys, earnings, income 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 a sports facility or sports facilities;
(e) limitations on the purposes to which and the manner in  which  the
proceeds of sale of any bonds or any issue of bonds may be applied;
(f)  limitations  on  the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured; and the  refunding  of
outstanding bonds 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)  the creation of special funds into which any earnings or revenues
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 the 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 twenty-four hundred seventy-five of this
title,  and  limiting  or  abrogating  the  right  of the bondholders to
appoint a trustee under such section or limiting the rights, powers  and
duties of such trustee;
(k)  defining  the  acts  or omissions to act which shall constitute a
default  in  the  obligations  and  duties  of  the  authority  to   the
bondholders  and providing 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  this  state
and other provisions of this title;
(l)  limitations  on  the  power of the authority to sell or otherwise
dispose of its properties;
(m) limitations on the amount of moneys derived from a sports facility
or sports facilities to be expended for  operating,  administrative  and
other expenses of the authority;
(n)  the  protection and enforcement of the rights and remedies of the
bondholders;
(o) the obligations of the authority in relation to the  construction,
maintenance,  operation,  repairs  and insurance of a sports facility or
sports facilities and the safeguarding and application of all moneys;
(p) the payment of the proceeds of bonds  and  revenues  of  a  sports
facility  or sports facilities to a trustee or other depositary, and for
the method of disbursement thereof and such safeguards and  restrictions
as the authority may determine;
(q) any other matters, of like or different character which may in any
way affect the security or protection of the bonds.
* NB (Disbanded March, 1980)