2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 13-G - Ulster County Resource Recovery Agency › 2050-H - Bonds of the Agency.

§  2050-h. Bonds of the agency. 1. The agency shall have the power and
is hereby authorized from time to time to  issue  bonds,  in  conformity
with  applicable  provisions  of  the  uniform  commercial code, 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 agency 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 agency may be general obligations
secured  by  the  faith  and  credit  of  the  agency  or may be special
obligations payable solely out of particular revenues or other moneys as
may be designated in the proceedings of the agency under which the bonds
shall be authorized to be issued and subject to any agreements with  the
holders of outstanding bonds pledging any particular revenues or moneys.
The agency may also enter into bank 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 agency is authorized to pay.
2.  Bonds  shall be authorized by resolution of the agency, be in such
denominations and bear such date or dates and mature  at  such  time  or
times,  as  such  resolution  may  provide,  except  that  notes and any
renewals thereof shall mature within five years from  the  date  of  the
original  issuance  and  bonds shall mature within thirty years from the
date of original issuance of any such bond or note. The bonds and  notes
shall be subject to such terms of redemption, bear interest at such rate
or rates 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 agency shall  determine.
Bonds  of  the  agency  shall  not be sold by the agency at private sale
unless such sale and the terms thereof have been approved in writing  by
the  state comptroller, which such sale is not to the comptroller, or by
the state director of the budget, where such sale is to the comptroller.
The agency 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  agency to secure the payment of the bonds, including
but not limited to any contracts, earnings or proceeds of any  grant  to
the agency received from any private or public source;
(b)  The  setting  aside of reserves and the creation of sinking funds
and the regulations and disposition thereof;
(c) Limitations on the purpose to which the proceeds from the sale  of
the bonds may be applied;
(d) The rates, rents, fees and other charges to be fixed and collected
by  the  agency and the amount to be raised in each year thereby and the
use and disposition of revenues;
(e) Limitations on the right of the agency 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 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 agency may determine which may include any or
all of the rights, powers and duties of the  trustee  appointed  by  the
bondholders  pursuant  to section two thousand fifty-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  omission  to  act  which  may  constitute  a
default  in  the obligations and duties of the agency 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;
(1) Limitations on the power  of  the  agency  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 agency;
(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 agency 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  agency  to
secure  its  bonds  and  the  notes,  the  agency  shall  have  power in
connection with the issuance of bonds  and  notes  to  enter  into  such
agreements  as  the  agency  may deem necessary, convenient or desirable
concerning the use or disposition of its moneys  or  property  including
the  mortgaging  of  any  such  property and the entrusting, pledging or
creation of any other security interest in any such moneys  or  property
and the doing of any act, including refraining from doing any act, which
the agency would have the right to do in the absence of such agreements.
The  agency  shall  have  power  to  enter  into  amendments of any such
agreements within the powers granted to the agency 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 and notes  of  the
agency.
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  agency 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  perfected  against  the   agency
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 the purposes of the uniform commercial code, subject only to the
provisions of the bonds for registration.
7.  Neither  the  members of the agency 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 agency, subject to such agreements with bondholders as then may
exist, shall have power out of any moneys available therefor to purchase
bonds  of the agency, 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
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.