§ 6. Bonds and notes of the agency. 1. (a) The agency shall have power\nand is hereby authorized from time to time to issue its negotiable bonds\nand notes in conformity with applicable provisions of the uniform\ncommercial code in such principal amount as, in the opinion of the\nagency, shall be necessary to provide sufficient funds for achieving its\ncorporate purposes, including the making of mortgage loans, project\nloans, or equipment loans, or loans to owners of Hmo projects or Hmo\ninvestment loans and the construction, acquisition, reconstruction,\nrehabilitation or improvement of health facilities, the payment of\ninterest on bonds and notes of the agency, establishment of reserves to\nsecure such bonds and notes, and all other expenditures of the agency\nincident to and necessary or convenient to carry out its corporate\npurposes and powers;\n (b) The agency 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 agency, every\nissue if its notes or bonds shall be general obligations of the agency\npayable out of any revenues or monies of the agency, subject only to any\nagreements with the holders of particular notes or bonds pledging any\nparticular receipts or revenues.\n 2. The notes and bonds shall be authorized by resolution of the\nmembers, shall bear such date or dates, and shall mature at such time or\ntimes, in the case of any such note, or any renewals thereof, issued for\nachieving its corporate purposes other than the making of mortgage\nloans, not exceeding five years, from the date of issue of such original\nnote, and in the case of any such note, or any renewals thereof, issued\nfor the purpose of making mortgage loans, not exceeding seven years,\nfrom the date of issue of such original note, and in the case of any\nsuch bond not exceeding fifty years from the date of issue, as such\nresolution or resolutions may provide. The notes and bonds shall bear\ninterest at such rate or rates, be in such denominations, be in such\nform, either coupon or registered, carry such registration privileges,\nbe executed in such manner, be payable in such medium of payment, at\nsuch place or places and be subject to such terms of redemption as such\nresolution or resolutions may provide. The notes and bonds of the agency\nmay be sold by the agency, at public or private sale, at such price or\nprices as the agency shall determine. No notes or bonds of the agency\nmay be sold by the agency at private sale, however, unless such sale and\nthe terms thereof have been approved in writing by (a) the comptroller,\nwhere such sale is not to the comptroller or, (b) the director of the\nbudget, where such sale is to the 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 agency, and all or any part of the monies received in payment of\nmortgage or project loans and interest thereon, and other monies\nreceived or to be received, to secure the payment of the hospital and\nnursing home project bonds or hospital nursing home project notes or of\nany issue thereof, subject to such agreement with bondholders or\nnoteholders as may then exist;\n (b) pledging all or any part of the assets of the agency, including\nmortgages and obligations securing the same, to secure the payment of\nthe hospital and nursing home project bonds or hospital and nursing
‹ 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.