§ 593-a. Pledge of tax revenues for payment of certain bonds of the\nNiagara Falls urban renewal agency. (a) As security for the payment of\nany issue of bonds to be issued by the Niagara Falls urban renewal\nagency to finance land acquisition and clearance, site improvements and\nparking construction in connection with the East Falls Street\nRedevelopment Project and/or bond anticipation notes issued in\nanticipation thereof, the city council of the city of Niagara Falls is\nhereby authorized to enact a local law pledging the total proceeds\nconsisting of net collections of all sales and compensating use taxes\nreceived by the city of Niagara Falls from taxes authorized pursuant to\nsection twelve hundred ten of the tax law and proceeds payable to the\ncity pursuant to section twelve hundred sixty-two of the tax law, or any\nsuccessor statutes thereto and directing the state comptroller to pay\nover such proceeds to the Niagara Falls sales tax fund pursuant to the\nprovisions of section ninety-two-t of the state finance law, or to the\ntrustee for the holders of such bonds pursuant to the certificate issued\nby such trustee pursuant to subdivision (d) of this section. The lien of\nsuch pledge shall be valid and binding upon the city and agency and\ntheir respective successors and assigns as against all parties having\nclaims of any kind in tort, contract or otherwise against the city or\nthe agency irrespective of whether such parties have notice thereof. The\nlien of such pledge shall inure to the benefit of the agency and its\nsuccessors and assigns including any owners of such bonds and notes to\nwhom such proceeds are pledged. The agency shall not issue any bonds or\nnotes in connection with such project in an amount in excess of\nthirty-five million dollars, plus a principal amount of bonds or notes:\n (i) to fund any debt service reserve fund,\n (ii) to provide capitalized interest,\n (iii) to provide for original issue discount, and\n (iv) to provide for the payment of fees and other charges and\nexpenses, including underwriters' discount, related to the issuance of\nsuch bonds or notes, or related to the provision of any applicable bond\nor note facilities, excluding refunding bonds.\n Provided, however, that upon any refunding or repayment of such bonds\nor notes the total aggregate principal amount of outstanding bonds and\nnotes may be greater than thirty-five million dollars ($35,000,000) only\nif the present value of the aggregate debt service of the refunding or\nrepayment bonds to be issued shall not exceed the present value of the\naggregate debt service of the bonds so to be refunded or repaid. For\npurposes hereof, the present values of the aggregate debt service of the\nrefunding or repayment bonds and of the aggregate debt service of the\nbonds so refunded or repaid, shall be calculated by utilizing the\neffective interest rate of the refunding or repayment bonds, which shall\nbe that rate arrived at by doubling the semi-annual interest rate\n(compounded semi-annually) necessary to discount the debt service\npayments on the refunding or repayment bonds from the payment dates\nthereof to the date of issue of the refunding or repayment bonds and to\nthe price bid including estimated accrued interest or proceeds received\nby the agency including estimated accrued interest from the sale\nthereof.\n Such local law shall be subject to the following limitations and\nconditions:\n (i) Any such local law shall become effective on the date of issue of\nany bonds and/or bond anticipation notes the payment of which is secured\nby the proceeds of such sales and compensating use taxes;\n (ii) Any such local law shall be made subject to such terms and\nconditions, not inconsistent with this section, as may be determined\nnecessary or appropriate by such city council and agency, subject,\nhowever, to any rights of holders of previously issued bonds and/or bond\nanticipation notes secured by such tax proceeds and s
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