2023 New York Laws › PBA - Public Authorities › Article 4 - Market Authorities › Title 4 - Genesee Valley Regional Market Authority › 881 - Bonds of the Authority.

§  881.  Bonds of the authority. 1. The authority shall have power and
is hereby authorized from time to time  to  issue  negotiable  bonds  in
conformity  with  applicable  provisions of the uniform commercial code,
for any corporate purpose of the authority.  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.  Except  as  may  be  otherwise  expressly
provided by contract between the authority and the holders of its bonds,
all  bonds  of the authority shall be general obligations payable out of
any moneys or revenues of the authority, subject only to any  agreements
with  the holders of particular bonds the payment of which is secured by
a pledge of particular moneys or revenues.
2. Such 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 four 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  prior
to  maturity,  at  par  or  a  price not exceeding one hundred three per
centum of the face value, as such resolution or resolutions may provide.
All bonds shall be sold at public sale upon sealed  bids,  after  public
notice,  to  the  bidder who shall offer the lowest interest cost to the
authority to be determined by the board; provided that bonds may be sold
at private sale, without notice, to the United States of America  or  to
the  state  of  New  York  or to any sinking fund or pension fund of the
state of New York or any municipality thereof. The notice of sale  shall
be  published  at least once, not less than ten nor more than forty days
before the  date  of  sale,  in  a  financial  newspaper  published  and
circulated  in  the  city  of  New York and designated by the board. The
notice shall call for the receipt of sealed bids and shall fix the date,
time and place of sale. Bonds shall be sold for a price  not  less  than
ninety-eight per centum of the par value thereof, plus accrued interest,
provided always that the interest cost to maturity of the money received
for any issue of such bonds shall not exceed four per centum per annum.
3. Any resolution or resolutions authorizing the issuance of any 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  gross  or  net  revenues  of  the
authority to secure the payment of the bonds, subject to such agreements
with bond holders as may then exist;
(b)  The  rentals, fees and other charges to be charged for the use of
market facilities, and the amounts to be raised in  each  year  thereby,
and the use and disposition of revenues of the authority;
(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 market facilities;
(e) Limitations on the purpose to which the proceeds of  the  sale  of
any issue of bonds then or thereafter to be issued may be applied;
(f)  Limitations  on  the  issuance of additional bonds, including the
terms upon which additional bonds may be issued and secured;
(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 give consent thereto, and the manner in which such consent
may be given; and
(h)  Any  other  matters, of like or different character, which in any
way affect the security or protection of the bonds.
4.  Any pledge of revenues or other moneys made by the authority shall
be valid and binding from the time when the pledge is made. The revenues
or other moneys so pledged and  thereafter  received  by  the  authority
shall  be  immediately  subject  to  the lien of such pledge without any
physical delivery thereof or further act. 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 by reason of the issuance thereof,  excepting  solely
for things willfully done or willfully omitted to be done with an intent
to defraud.
6.  The authority shall have power out of any funds available therefor
to purchase any of its outstanding bonds at a price not  more  than  the
principal  amount  thereof  and accrued interest. All bonds so purchased
shall be cancelled.