2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 13-C - Town of Islip Resource Recovery Agency › 2046-G - Bonds and Notes.

§  2046-g.  Bonds and notes. 1. The agency shall have the power and is
hereby authorized from time  to  time  to  issue  bonds  and  notes,  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  provided such bonds and
notes shall in no event exceed  fifty  million  dollars  in  outstanding
indebtedness  at  any  time,  except  as any such higher amount has been
approved in advance of issuance by the qualified voters of the  town  of
Islip  at  a  public  referendum  conducted  pursuant  to  the rules and
regulations of the state board of elections. The agency 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 or notes. The agency shall  have
power  from time to time to refund any bonds or notes by the issuance of
new bonds or notes whether the bonds or notes to  be  refunded  have  or
have not matured, and may issue bonds or notes partly to refund bonds or
notes then outstanding and partly for any other corporate purpose. Bonds
or  notes 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 or notes shall be
authorized to be issued and subject to any agreements with  the  holders
of  outstanding  bonds  and  notes  pledging  any particular revenues or
moneys.
2. The bonds and notes  shall  be  authorized  by  resolution  of  the
governing body, shall bear such date or dates, shall mature at such time
or  times,  shall  bear  interest  at  such  rate  or  rates, be in such
denominations, be in such form, either coupon or registered, 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
of  redemption  as  such resolution or resolutions may provide, provided
that no note or any renewal thereof shall mature more  than  five  years
after  the  date of issue of the original note and provided that no bond
shall mature more than forty  years  after  the  date  of  the  original
issuance. The bonds and notes of the agency may be sold by the agency at
public  or  private  sale  at  such  price or prices as the agency shall
determine, provided that the terms of any private sale of bonds shall be
approved in writing by the state comptroller where such sale is  not  to
the  state comptroller, or by the director of the division of the budget
where such sale is to the state comptroller.  The  agency  may  pay  all
expenses,  premiums  and  commissions  which  it  may  deem necessary or
advantageous in connection with the issuance and sale thereof.
3. Any resolution or resolutions authorizing any bonds or notes or any
issue thereof may contain provisions, which  shall  be  a  part  of  the
contract with the holders thereof, as to:
(a)  pledging all or any part of the moneys or revenues derived by the
agency from the ownership or operation of, or  otherwise  in  connection
with, any project or projects or any part or parts thereof to secure the
payment  of  the bonds or notes or of any issue thereof, subject to such
agreements with bondholders or noteholders as may then exist;
(b) the amount, use and disposition of the rates,  rentals,  fees  and
other charges to be fixed and collected by the agency;
(c)  the  setting  aside of reserves and the creation of sinking funds
and the regulation and disposition thereof;
(d) limitations on the right of the agency to  restrict  and  regulate
the  use  of the properties in connection with which such bonds or notes
are issued;
(e) limitations on the purpose to which the proceeds of sale of  bonds
or notes may be applied;
(f)  limitations  on  the  issuance  of additional bonds or notes, the
terms upon which additional bonds or notes may be issued and secured and
the refunding of outstanding or other bonds or notes;
(g) the procedure, if any, by which the terms  of  any  contract  with
bondholders  or  noteholders  may be amended or abrogated, the amount of
bonds or notes 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 moneys or revenues of
the agency may be deposited;
(i) the terms  and  provisions  of  any  mortgage  or  trust  deed  or
indenture  securing the bonds or notes or under which the bonds or notes
may be issued;
(j) vesting in a trustee or trustees such property, 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  or  noteholders  pursuant  to  this  title, and limiting or
abrogating the right of the bondholders  or  noteholders  to  appoint  a
trustee  under  this  title or limiting the rights, powers and duties of
such trustee;
(k) defining the acts or omissions to act  which  shall  constitute  a
default  in  the obligations and duties of the agency to the bondholders
or noteholders and providing the rights and remedies of the  bondholders
or  noteholders  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  agency to sell or otherwise
dispose of its properties;
(m) limitations on the amount of money derived from the properties  to
be  expended  for  operating,  administrative  or  other expenses of the
agency;
(n) the protection and enforcement of the rights and remedies  of  the
bondholders or noteholders;
(o)  the  obligations  of  the agency in relation to the construction,
maintenance, operation, repairs and insurance of the properties  of  the
agency,   the  safeguarding  and  application  of  all  moneys  and  the
requirements for the supervision and approval of consulting engineers in
connection  with  construction,  maintenance  and  operation   of   such
properties;
(p)  the  payment  of the proceeds of bonds and notes and other moneys
and revenues of the agency to a trustee or other depositary, and for the
method of disbursement thereof with such safeguards and restrictions  as
the agency may determine;
(q) any other matters, of like or different character which in any way
affect the security or protection of the bonds and notes.
4.  In  addition  to  the  powers  herein conferred upon the agency to
secure its bonds and 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
only 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 the 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  otherwise  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 or notes are of such form and character as
to  be  negotiable instruments under the terms of the uniform commercial
code, the bonds and notes 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 and notes for registration.
7. Neither the directors of the agency nor any  person  executing  the
bonds  or  notes  shall be liable personally on the bonds or notes or be
subject to any personal liability or accountability  by  reason  of  the
issuance thereof.
8.  The  agency,  subject  to  such  agreements  with  bondholders  or
noteholders as may then  exist,  shall  have  power  out  of  any  funds
available therefor to purchase bonds or notes of the agency, which shall
thereupon  be  cancelled,  at  a price not exceeding (a) if the bonds or
notes are then redeemable, the redemption  price  then  applicable  plus
accrued  interest  to  the  next interest payment thereon, or (b) if the
bonds or notes are not then redeemable, the redemption price  applicable
on  the  first  date  after  such purchase upon which the bonds or notes
become subject to redemption plus accrued interest to such date.