2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 13-AA - Montgomery, Otsego, Schoharie Solid Waste Management Authority › 2041-G - Bonds of the Authority.

§  2041-g.  Bonds  of  the  authority. 1. The authority shall have the
power and is hereby authorized from time to time to issue bonds in  such
principal amounts as it may determine to be necessary to pay the cost of
any  project  or  for  any other corporate purpose, including incidental
expenses in connection therewith. The authority shall have power and  is
hereby authorized to enter into such agreements and perform such acts as
may  be  required  under  any applicable federal legislation to secure a
federal guarantee of any bonds. The authority shall have power from time
to time 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.  Bonds  issued  by  the  authority  may  be  general
obligations secured by the faith and credit of the authority or  may  be
special  obligations  payable solely out of particular revenues or other
moneys as may be designated in the proceedings of  the  authority  under
which the bonds shall be authorized to be issued, subject as to priority
only  to  any  agreements with the holders of outstanding bonds pledging
any particular property, revenues or  moneys.  The  authority  may  also
enter   into  loan  agreements,  lines  of  credit  and  other  security
agreements and obtain for or on its behalf letters  of  credit  in  each
case  for  securing  its bonds or to provide direct payment of any costs
which the authority is authorized to pay.
2. Bonds shall be authorized by resolution of  the  authority,  be  in
such  denominations  and bear such date or dates and mature at such time
or times, as such  resolution  may  provide,  provided  that  bonds  and
renewals  thereof  shall  mature  within  thirty  years from the date of
original issuance of any such bonds. Obligations with a maturity of five
years or less from the date of their original issuance may be designated
as notes. Bonds and notes shall be subject to such terms of  redemption,
bear  interest  at  such  rate or rates, be payable at such times, be in
registered form, be executed in such manner, be payable in  such  medium
of  payment  at  such  place or places, and be subject to such terms and
conditions as such resolution may provide. Bonds may be sold  at  public
or  private  sale for such price or prices, in such manner and from time
to time, as the authority shall determine, provided that no bonds of the
authority, other than obligations designated as notes, shall be sold  by
the  authority  at  private  sale unless such sale and the terms thereof
have been approved in writing by the state comptroller, where such  sale
is not to the comptroller, or by the state director of the budget, where
such  sale  is  to  the comptroller. The authority may pay all expenses,
premiums and commissions which it may deem necessary or advantageous  in
connection with the issuance and sale of bonds.
3.  Any  resolution  or  resolutions authorizing bonds or any issue of
bonds may contain provisions which may be a part of  the  contract  with
the holders of the bonds thereby authorized as to:
(a) pledging all or any part of the revenues, other moneys or property
of  the  authority  to  secure the payment of the bonds, or any costs of
issuance thereof, including but not limited to any  contracts,  earnings
or  proceeds  of any grant to the authority received from any private or
public source subject to such agreements with bondholders  as  may  then
exist;
(b)  the  setting  aside of reserves and the creation of sinking funds
and the regulation and disposition thereof;
(c) limitations on the purpose to which the proceeds from the sale  of
bonds may be applied;
(d) the rates, rents, fees and other charges to be fixed and collected
by  the  authority  and the amount to be raised in each year thereby and
the use and disposition of revenues;
(e) limitations on the right of the authority to restrict and regulate
the use of the project or part thereof in connection  with  which  bonds
are issued;
(f)  limitations  on  the issuance of additional bonds, the terms upon
which additional bonds may be issued and secured and  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)  the  creation  of special funds into which any revenues or moneys
may be deposited;
(i) the terms and provisions of any trust, mortgage, deed or indenture
securing the bonds 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 trustees appointed by the
bondholders  pursuant  to section two thousand forty-one-h of this title
and limiting or abrogating the rights of the bondholders  to  appoint  a
trustee  under such section or limiting the rights, duties and powers of
such trustee;
(k) defining the acts or omissions  to  act  which  may  constitute  a
default   in  the  obligations  and  duties  of  the  authority  to  the
bondholders and providing for 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  the  state
and other provisions of this title;
(l)  limitations  on  the  power of the authority to sell or otherwise
dispose of any project or any part thereof;
(m) limitations on the amount of  revenues  and  other  moneys  to  be
expended   for  operating,  administrative  or  other  expenses  of  the
authority;
(n) the payment of the proceeds of bonds, revenues and other moneys to
a trustee or other  depository,  and  for  the  method  of  disbursement
thereof  with  such  safeguards  and  restrictions  as the authority may
determine; and
(o) any other matters of like or different character which in any  way
affect  the  security  or  protection  of  the  bonds  or the rights and
remedies of bondholders.
4. In addition to the powers herein conferred upon  the  authority  to
secure  its bonds, the authority shall have power in connection with the
issuance of bonds to enter into such agreements  as  the  authority  may
deem   necessary,   convenient   or  desirable  concerning  the  use  or
disposition of its revenues or other moneys or property,  including  the
mortgaging  of  any property and the entrusting, pledging or creation of
any other security interest in any such revenues, moneys or property and
the doing of any act, including refraining from doing any act which  the
authority  would have the right to do in the absence of such agreements.
The authority shall have power to enter  into  amendments  of  any  such
agreements  within the powers granted to the authority by this title and
to perform such agreements. The provisions of any such agreements may be
made a part of the contract with the holders of bonds of the authority.
5. Any provision of  the  uniform  commercial  code  to  the  contrary
notwithstanding,  any  pledge of or other security interest in revenues,
moneys, accounts, contract rights, general intangibles or other personal
property made or created by the authority shall be  valid,  binding  and
perfected  from  the  time  when  such  pledge is made or other security

interest attaches without any physical delivery  of  the  collateral  or
further  act, and the lien of any such pledge or other security interest
shall be valid, binding and perfected against all parties having  claims
of  any  kind  in  tort,  contract  or  otherwise  against the authority
irrespective of whether or not such  parties  have  notice  thereof.  No
instrument  by  which  such a pledge or security interest is created nor
any financing statement need be recorded or filed.
6. Whether or not the bonds are of such form and character  as  to  be
negotiable  instruments  under the terms of the uniform commercial code,
the bonds are hereby made negotiable instruments within the  meaning  of
and for all the purposes of the uniform commercial code, subject only to
the provisions of the bonds for registration.
7. Neither the members of the authority nor any person executing bonds
shall  be  liable  personally  thereon  or  be  subject  to any personal
liability or accountability by reason of the issuance thereof.
8. The authority, subject to such agreements with bondholders as  then
may  exist,  shall  have  power  out of any moneys available therefor to
purchase bonds of the authority, which shall thereupon be cancelled,  at
a  price  not  exceeding  (i)  if  the  bonds  are  then redeemable, the
redemption price then applicable, plus  accrued  interest  to  the  next
interest payment date or, (ii) if the bonds are not then redeemable, the
redemption  price  applicable on the first date after such purchase upon
which the bonds become subject to redemption plus  accrued  interest  to
the next interest payment date.