§ 485. Notes and bonds of the fund. 1. (a) Subject to the provisions\nof section four hundred eighty-six of this chapter, the fund shall have\nthe power and is hereby authorized from time to time to issue its\nnegotiable bonds and notes in such principal amount as, in the opinion\nof the fund, shall be necessary, after taking into account other monies\nwhich may be available for the purpose, to provide sufficient funds for\nachieving its corporate purposes, including the construction,\nacquisition, reconstruction, rehabilitation or improvement of the school\nportion of combined occupancy structures pursuant to this article, the\npayment of interest on bonds and notes of the fund, establishment of\nreserves to secure such bonds and notes, and all other expenditures of\nthe fund incident to and necessary or convenient to carry out its\ncorporate purposes and powers;\n (b) The fund shall have power, from time to time, to issue renewal\nnotes, to issue bonds to pay notes and, whenever it deem refunding\nexpedient, to refund any bonds by the issuance of new bonds, whether the\nbonds to be refunded have or have not matured, and to issue bonds partly\nto refund bonds then outstanding and partly for any other purpose. The\nrefunding bonds shall be sold and the proceeds applied to the purchase,\nredemption or payment of the bonds to be refunded;\n (c) Except as may otherwise be expressly provided by the fund, every\nissue of its notes or bonds shall be general obligations of the fund\npayable out of any revenues or monies of the fund, subject only to any\nagreements with the holders of particular notes or bonds pledging any\nparticular receipts or revenues;\n (d) Whether or not the notes or bonds are of such form and character\nas to be negotiable instruments under the provisions of article eight of\nthe uniform commercial code, the notes or bonds shall be and hereby are\nmade negotiable instruments within the meaning of and for all the\npurposes of the uniform commercial code, subject only to the provisions\nof the notes or bonds for registration.\n 2. The notes and bonds of the fund shall be authorized by resolution\nof the trustees, shall bear such date or dates, and shall mature at such\ntime or times, in the case of any such note, or any renewals thereof,\nnot exceeding five years, from the date of issue of such original note,\nand in the case of any such bond not exceeding forty years from the date\nof issue, as such resolution or resolutions may provide. The notes and\nbonds shall bear interest at such rate or rates, be in such\ndenominations, be in such form, either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in such\nmedium of payment, at such place or places and be subject to such terms\nof redemption as such resolution or resolutions may provide. The notes\nand bonds of the fund may be sold by the fund, at public or private\nsale, at such price or prices as the fund shall determine. No notes or\nbonds of the fund may be sold by the fund at private sale, however,\nunless such sale and the terms thereof have been approved in writing by\nthe city comptroller.\n 3. Any resolution or resolutions authorizing any notes or bonds or any\nissue thereof may contain provisions, which shall be a part of the\ncontract with the holders thereof, as to:\n (a) pledging all or any part of the fees and charges made or received\nby the fund, and all or any part of (i) the rentals or other payments to\nbe received by the fund with respect to the school portion of combined\noccupancy structures financed with the proceeds of such bonds and notes,\nand (ii) the rentals or other payments to be received by the fund with\nrespect to the non-school portion of combined occupancy structures and\n(iii) any other monies, assets or accounts received or to be received by\nthe fund or pledged or assigned to the fund to secure the payment of\nsuch notes or bonds or of any issue thereof, subject to such
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.