2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 1-A - Long Island Power Authority › 1020-K - Bonds of the Authority.

* §  1020-k. Bonds of the authority. 1. The authority shall have 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  purpose authorized by this title, including without limitation
(a) to acquire any  real  or  personal  property  or  facilities  deemed
necessary by the authority, (b) to pay interest on bonds or notes of the
authority, (c) to establish reserves to secure such bonds and notes, (d)
to  establish  or maintain such other funds or accounts for such purpose
or purposes as the authority may deem necessary or desirable, and (e) to
pay all other expenses of the authority incident to the issuance of such
bonds or notes.
2. Except as may be otherwise expressly provided by the authority, the
bonds and notes 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  or
notes,  or  any  trustee  therefor,  pledging  any  particular moneys or
revenues.
3. 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 other
corporate purpose of the authority. Refunding bonds may be exchanged for
the bonds to be refunded, with such cash adjustments as may  be  agreed,
or  may  be  sold  with the proceeds applied to the purchase, payment or
provision for payment of the bonds to be refunded.
4. Bonds may be issued, payable in  annual  installments  or  as  term
bonds  or  both. Bonds shall be authorized by resolution of the board of
the authority and shall bear such date or dates, mature at such time  or
times,  not  exceeding  fifty  years  from  their respective dates, bear
interest at such rate or rates, 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 or by check at such place or places, and be subject to
such terms of redemption, as such resolution or resolutions may provide.
In  the event that term bonds are issued, the resolution authorizing the
same may make such provisions for the establishment and  maintenance  of
sinking  funds  for  the  payment  thereof  as  the  authority  may deem
necessary or appropriate. Bonds or  notes  may  be  sold  at  public  or
private  sale  at  such price or prices as the authority shall determine
but shall not be sold by the authority at private sale unless such  sale
and   terms   thereof  have  been  approved  in  writing  by  the  state
comptroller. Pending preparation  of  definitive  bonds  or  notes,  the
authority  may  issue  bonds  or  notes in temporary form which shall be
exchanged for bonds or notes in definitive form when available.
5. Any resolution or resolutions authorizing any bonds or any issue of
bonds may (a) delegate to an officer or officers of  the  authority  the
power  to approve the issuance of bonds from time to time and to fix the
details of  any  such  bonds  or  issues  of  bonds  by  an  appropriate
certificate  of  such  authorized  officer  or  officers and (b) contain
provisions, which shall be a part of the contract with  the  holders  of
the bonds to be authorized as to: (i) pledging or creating a lien on all
or  any  part  of the moneys, revenues or properties of the authority to
secure the payment of the bonds or of any particular issue of  bonds  or
any  portion  of  any  issue  of  bonds, subject to such agreements with
bondholders as may then exist;
(ii) the rates, 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;
(iii) the  setting  aside  of  reserves  or  sinking  funds,  and  the
regulation and disposition thereof;
(iv)  limitations  on  the  right  of  the  authority  to restrict and
regulate the use of any of its property;
(v) limitations on the purpose to which the proceeds of  sale  of  any
issue of bonds then or thereafter to be issued may be applied;
(vi)  limitations  on the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured, and the  refunding  of
outstanding bonds;
(vii)  the  procedure, if any, by which the terms of any contract with
bondholders may be amended, the  amount  or  percentage  of  outstanding
bonds the holders of which must consent thereto, and the manner in which
such consent may be given;
(viii)  defining the acts or omissions to act which shall constitute a
default in the duties of the authority to holders of its obligations and
providing the rights and remedies of such holders or of a trustee acting
on their behalf in the event of a default; and
(ix) any other matters of like or different character,  which  in  any
way  may  affect the security and protection of the bonds and the rights
of the holders thereof.
6. Notwithstanding any  other  provisions  of  this  title,  any  such
resolution or resolutions shall contain a covenant by the authority that
it  will at all times maintain rates, fees or charges sufficient to pay,
and that any contracts entered into  by  the  authority  for  the  sale,
transmission or distribution of electricity shall contain rates, fees or
charges sufficient to pay, the costs of operation and maintenance of the
facilities  owned  or  operated  by  the  authority, payments in lieu of
taxes, renewals, replacements and capital additions,  the  principal  of
and  interest  on  any obligations issued pursuant to such resolution as
the same severally become due and payable, and to establish or  maintain
any  reserves  or  other funds or accounts required or established by or
pursuant to the terms of such resolution or resolutions.
7. It is the intention of the legislature that any pledge  of  moneys,
revenues  or  property  or  of a revenue producing contract or contracts
made by the authority shall be valid and binding from the time when  the
pledge  is  made;  that  the moneys, revenues or proceeds 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 or lien is created pursuant to this subdivision need be
recorded in order to perfect such pledge or lien.
8. Neither the trustees of the authority nor any person executing  the
bonds  or  notes  shall be liable personally on the bonds or notes or be
subject to any personal liability or accountability  by  reason  of  the
issuance thereof.
9.  The authority shall have power out of any funds available therefor
to purchase bonds  or  notes  at  such  price  or  prices  as  it  deems
advisable.  The authority may hold, pledge, cancel or resell such bonds,
subject to agreements with bondholders.
10.  All  bonds,  notes  and other obligations issued by the authority
under the provisions of this title are hereby declared to have  all  the
qualities  and  incidents of negotiable instruments under the applicable
laws of the state.
* NB There are 2 § 1020-k's