2023 New York Laws › PBA - Public Authorities › Article 5 - Public Utility Authorities › Title 6-B - Clifton Park Water Authority › 1120-H - Bonds of the Authority.

§  1120-h.  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 only to any
agreements with the holders of outstanding bonds pledging any particular
revenues, earnings, or moneys.
2. The authority is authorized to obtain from any department or agency
of the United States of America or  the  state  or  any  nongovernmental
insurer  or  financial  institution  any  insurance,  guarantee or other
credit support device, to the extent now or hereafter available, as  to,
or  for the payment or repayment of interest or principal or premium, or
any of the foregoing, or any part thereof, on any bonds  issued  by  the
authority  and  to  enter into any agreement or contract with respect to
any such insurance or guarantee, except to  the  extent  that  the  same
would  in  any way impair or interfere with the ability of the authority
to perform and fulfill the terms of any agreement made with the  holders
of outstanding bonds of the authority.
3.  Bonds  shall be authorized by resolution of the authority, and may
be in such denominations and bear such date or dates and mature at  such
time  or times as such resolution may provide, except that bonds and any
renewals thereof shall mature  within  forty  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  shall  be  subject  to such terms of redemption, bear
interest at such rate or rates per annum payable at such  times,  be  in
such  form,  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  and conditions as such resolution may
provide. Bonds may be sold at public or private sale for such  price  or
prices  as  the authority shall determine, provided that no bonds of the
authority, other than obligations designated as notes, may  be  sold  by
the  authority  at  private  sale unless such sale and the terms thereof
have been approved in writing by the comptroller, where such sale is not
to be to such comptroller, or by the state director of the  division  of
the  budget,  where such sale is to be 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.
4. 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 authority, together with any other
moneys or property of the authority to secure the payment of the  bonds,
including,  but  not  limited to, any contracts, earnings or proceeds of
any grant to the authority received from any private or public source;
(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, deed, mortgage 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 trustee appointed by  the
bondholders  pursuant  to  section eleven hundred twenty-i 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 may in  any
way  affect  the  security  or protection of the bonds or the rights and
remedies of bondholders.
5. 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  of  its  property  and  the entrusting, pledging or
creation of any other security interest in any such revenues, moneys  or
properties 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  the  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.
6.  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.
7.  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 purposes of the uniform commercial code, subject only to the
provisions of the bonds for registration.
8. 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.
9.  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:
(a) if the bonds  are  then  redeemable,  the  redemption  price  then
applicable, plus accrued interest to the next interest payment date;
(b)  if  the  bonds are not then redeemable, the redemption price then
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.