2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 7 - Tuckahoe Parking Authority › 1553 - Bonds of the Authority.

* §  1553.  Bonds  of  the  authority. 1. The authority shall have the
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 mentioned in section  fifteen  hundred  forty-eight
hereof,  including  the  acquisition,  construction,  reconstruction and
repair of personal and real property of all kinds deemed by the board to
be necessary or desirable to carry out such purposes, as well as to  pay
such  expenses  as  may be deemed by the board necessary or desirable to
the financing thereof and placing the project or projects  in  operation
in  the  aggregate principal amount of not exceeding one million dollars
outstanding at any one time. The authority shall have power from time to
time and 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 purpose hereinabove described. 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  or  payment of the bonds to be refunded. In computing the
total amount of bonds  of  the  authority  which  may  at  any  time  be
outstanding  the amount of the outstanding bonds to be refunded from the
proceeds of the sale of new bonds or by exchange for new bonds shall  be
excluded.   Except  as  may  otherwise  be  expressly  provided  by  the
authority, the bonds 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
pledging any particular moneys or revenues.
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
thirty  years from their respective dates, bear interest at such rate or
rates, not exceeding five per  centum  per  annum  payable  annually  or
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 lawful money of the United States of America at
such place or places and be subject to such terms of redemption, 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, but which shall not at the time of sale yield more than  five
per centum per annum.
3. Any resolution or resolutions authorizing any bonds or any issue of
bonds may contain provisions, which shall 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 of a project or projects
to secure the payment of the bonds,  subject  to  such  agreements  with
bondholders as may then exist;
(b) the rentals, 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;
(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 a project;
(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 and
pledging such proceeds to secure the payment of  the  bonds  or  of  any
issue of the bonds;
(f)  limitations  on  the issuance of additional bonds; the terms upon
which additional bonds may be  issued  and  secured;  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)  limitations  on the amount of moneys derived from a project 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 the rights, powers and duties  of  the  trustees  appointed  by  the
bondholders  pursuant  to  section  fifteen  hundred  sixty  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.
4. It is the intention hereof that any pledge  of  revenues  or  other
moneys  made  by  the authority shall be valid and binding from the time
when the pledge is made; that the 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.
5.  Neither  the members of the authority nor any person executing the
bonds shall be liable personally on the  bonds  or  be  subject  to  any
personal liability or accountability by reason of the issuance thereof.
6.  The authority shall have power out of any funds available therefor
to purchase bonds. The authority may hold, cancel or resell such  bonds,
subject to and in accordance with agreements with bondholders.
7.  In  the discretion of the authority, the bonds may be secured by a
trust indenture by and between the authority and  a  corporate  trustee,
which  may  be  any  trust  company or bank having the powers of a trust
company in the state of New York. Such trust indenture may contain  such
provisions  for  protecting and enforcing the rights and remedies of the
bondholders as may be reasonable and proper and not in violation of law,
including covenants  setting  forth  the  duties  of  the  authority  in
relation   to  the  construction,  maintenance,  operation,  repair  and
insurance of the project or projects and the custody,  safeguarding  and
application  of all moneys, and may provide that the project or projects
shall be constructed and paid for under the supervision and approval  of
consulting  engineers. Notwithstanding the provisions of section fifteen
hundred fifty-two of this title the authority may provide by such  trust
indenture  for the payment of the proceeds of the bonds and the revenues
of the project or projects to the trustee under such trust indenture  or
other  depository, and for the method of disbursement thereof, with such
safeguards and restrictions as it may determine. All  expenses  incurred
in  carrying  out  such  trust indenture may be treated as a part of the
cost of maintenance, operation, and repairs of the project or  projects.
If  the  bonds  shall  be  secured by a trust indenture, the bondholders
shall have no authority to appoint a separate trustee to represent them,
and the trustee under such trust indenture shall have and possess all of
the powers which are conferred by section fifteen hundred sixty  upon  a
trustee appointed by bondholders.
* NB Dissolved December 1977
* NB There are 2 § 1553's