2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 8 - Buffalo Sewer Authority › 1187 - Bonds of the Authority.

§  1187. 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  of  its  corporate  purposes.  The total amount of bonds issued and
outstanding at any one time shall not exceed in the aggregate the sum of
five hundred million dollars, excluding bonds or notes for  the  payment
or redemption of which there has been set aside and held in trust either
moneys,  or direct and general obligations of, or obligations guaranteed
by, the United  States  of  America,  or  obligations  secured  by  such
obligations, or any combination thereof, which are or will be sufficient
to  pay  when  due  the principal or applicable redemption price and all
accrued interest thereon and, if such bonds or notes are to be redeemed,
for which notice of redemption has been given or satisfactory  provision
has  been  made  for the giving of such notice. 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 or are then subject to redemption, and
may issue bonds partly to refund bonds then outstanding and  partly  for
any of its corporate purposes.
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 per annum payable at such time or times, 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,  with  or without premium, 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, provided that bonds,
exclusive of notes, shall not be sold at private sale unless  the  board
of the authority makes a written determination, setting forth the reason
therefore,  that a private sale is in the best interest of the authority
and such determination, private sale and the  terms  thereof  have  been
approved in writing by (a) the state comptroller, where such sale is not
to the state comptroller, or (b) the state director of the budget, where
such sale is to the state comptroller. The foregoing provisions shall be
applicable   to  bonds  issued  by  the  authority  notwithstanding  the
provisions of any other general, special or local law to the contrary.
3. Any resolution or resolutions authorizing  any  bonds  may  contain
provisions,  which  shall  be a part of the contract with the holders of
the bonds, as to
(a) pledging all or any part of the  gross  or  net  revenues  of  the
authority to secure the payment of the bonds;
(b) the rates, rentals and other charges to be imposed and the amounts
to be raised in each year by such rates, rentals and charges and the use
and disposition thereof and of any 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 its facilities;
(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;
(f) limitations on the issuance of additional bonds;
(g) the time when the project shall be deemed to be completed, or  the
method  of  determining  such  time,  and  the time when the certificate
provided for in section fourteen hundred four of this chapter  shall  be
filed;
(h)  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.
(i) the refunding of outstanding or other bonds;
(j)  the creation of special funds into which any earnings or revenues
of the authority may be deposited;
(k) 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 eleven hundred  ninety-two  hereof,  and
limiting or abrogating the right of the bondholders to appoint a trustee
under  such  section  or  limiting the rights, duties and powers of such
trustee;
(l) the  payment  of  the  proceeds  of  bonds  and  revenues  of  the
properties  to  a  trustee  or  other  depositary, and for the method of
disbursement thereof  with  such  safeguards  and  restrictions  as  the
authority may determine;
4. Neither the members of the board nor any person executing the bonds
shall  be  liable  personally  on  the  bonds  by reason of the issuance
thereof.
5. The authority shall have power out of any funds available  therefor
to  purchase  any  bonds  issued  by  it  at  a  price not more than the
principal  amount  thereof  and  the  accrued  interest.  All  bonds  so
purchased shall be cancelled.
6. It is the intention of the legislature that any pledge of earnings,
revenues  or  other  moneys  made  by  the  authority shall be valid and
binding from the time when  the  pledge  is  made;  that  the  earnings,
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.