2023 New York Laws › PBA - Public Authorities › Article 3 - Bridge and Tunnel Authorities › Title 2 - New York State Bridge Authority › 532 - Bonds of the Authority.

§  532.  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  corporate  purpose  in the aggregate principal amount not to exceed
one hundred fifty-three million two hundred fifty-five thousand dollars.
2. In addition to the bonds authorized  in  subdivision  one  of  this
section,  the  authority shall have power from time to time and whenever
it deems refunding expedient, to issue bonds in such principal amount as
the authority may determine for the  purpose  of  refunding  bonds  then
outstanding  and  to  issue such additional bonds as may be necessary to
pay the costs incurred in connection with said  refunding,  whether  the
bonds  to  be refunded have or have not matured. 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,
redemption or payment of the bonds to be  refunded,  provided,  however,
that upon any such refunding or repayment the aggregate principal amount
of outstanding bonds may be greater than one hundred fifty-three million
two hundred fifty-five thousand dollars only if the present value of the
aggregate  debt service of the refunding or repayment bonds to be issued
shall not exceed the present value of the aggregate debt service of  the
bonds  so  to  be  refunded  or repaid. For purposes hereof, the present
values of the aggregate debt service of the refunding or repayment bonds
and of the aggregate debt service of the bonds so  refunded  or  repaid,
shall  be  calculated  by  utilizing  the effective interest rate of the
refunding or repayment bonds, which shall be that  rate  arrived  at  by
doubling   the  semi-annual  interest  rate  (compounded  semi-annually)
necessary to discount the debt service  payments  on  the  refunding  or
repayment  bonds  from the payment dates thereof to the date of issue of
the refunding  or  repayment  bonds  and  to  the  price  bid  including
estimated  accrued  interest  or  proceeds  received  by  the  authority
including estimated accrued interest from the sale thereof.
3. Bonds shall be authorized by resolution of the board 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,
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 (not inconsistent
with subdivision four of this section) as such resolution or resolutions
may provide. Any bonds of the authority may be sold at public or private
sale for such price or prices as the authority shall determine.
4. Every issue of bonds  shall  be  subject  to  redemption  prior  to
maturity  at the election of the authority on notice by publication in a
newspaper published in the city of New York  of  not  more  than  ninety
days, and if the state shall furnish the authority with sufficient money
therefor,  the  authority  shall redeem the bonds in accordance with the
terms of redemption then applicable.
5. Except as otherwise may be  expressly  provided  by  the  authority
every  issue of bonds and notes shall be general obligations payable out
of any moneys  or  revenues  of  the  authority,  subject  only  to  any
agreement  with  the  holders  of particular bonds or notes pledging any
particular tolls or revenues.
6. Any resolution or resolutions authorizing any bonds  or  notes  may
contain  provisions,  which  shall  be  a  part of the contract with the
holders of the bonds or notes, as to
(a) Pledging the tolls and revenues of the bridges or any of  them  to
secure the payment of the bonds or notes;
(b)  The rates of the tolls to be charged, and the amount 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 bridges;
(e)  Limitations  on the purposes to which the proceeds of sale of any
issue of bonds or notes then or thereafter to be issued may  be  applied
and  pledging  such proceeds to secure the payment of the bonds or notes
or of any issue thereof;
(f) Limitations on the issuance of additional bonds  or  notes  or  on
other debt;
(g)  The  procedure,  if  any, by which the terms of any contract with
bondholders or noteholders may be amended or abrogated,  the  amount  of
bonds or notes 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 of the
bridges 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 five hundred thirty-seven 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 or notes.
7. Neither the members of the board  nor  any  person  executing  such
bonds  or  notes shall be liable personally on said bonds or notes or be
subject to any personal liability or accountability  by  reason  of  the
issuance thereof.
8.  The authority shall have power out of any funds available therefor
to purchase any bonds or notes issued by it.  The  authority  may  hold,
cancel,  or resell such bonds or notes subject to and in accordance with
agreements with bondholders or noteholders.
9. 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.