* § 72. Bonds and security therefor. 1. An authority may from time to\ntime issue bonds in such amounts and upon such terms as it may deem\nadvisable to carry out the provisions of this article. Bonds of an\nauthority shall be authorized by its resolution and may be issued singly\nor in one or more series, and shall bear such date or dates, mature at\nsuch time or times, bear interest at such rate or rates, not exceeding\nsix per centum per annum, be in such denomination or denominations,\ninterchangeable or otherwise, be in such form, either coupon or\nregistered, carry such registration privileges, be executed in such\nmanner, with or without authentication, be payable in such medium of\npayment, at such place or places, and be subject to such terms of\nredemption, with or without premium, as such resolution may provide. The\nauthority must obtain the approval as to the amount and terms of such\nbonds, of the board of estimate and apportionment in cities where such\nbody exists, and in other cities, of the local legislative body thereof\nas defined in the city home rule law, except that such approval shall\nnot be required for bonds issued in connection with a federal project.\nBonds issued for a non-federal project in a city of more than one\nmillion inhabitants may include terms providing that the amount\nnecessary to pay the interest thereon until maturity shall be paid to\nthe authority by such city without reimbursement or liability of the\nauthority to such city therefor. For the purpose of meeting such\npayments to the authority any such city shall be empowered to enact\nlocal laws imposing and collecting an occupation tax in addition to any\nand all other taxes which such city has the power to impose. Such tax\nshall be imposed upon any individual, copartnership or corporation\noccupying premises in any such city as an owner, tenant or\nconcessionaire for any gainful purpose. Such tax shall be in an amount\nof not less than one dollar nor more than six dollars per year for each\nseparate premises so occupied, the rate of tax to depend upon the size\nof such premises or upon such other reasonable standard as may be fixed\nin such local law. Revenues resulting from the imposition of taxes\nauthorized by this act shall be paid into the treasury of any such city\nand shall not be credited or deposited in the general fund of any such\ncity, but shall be deposited in a separate bank account or accounts and\nshall be available and used solely and exclusively for the purposes\naforesaid. In no event and under no circumstances shall the payment of\ninterest on such bonds by such city be deemed to modify in any way the\nprovisions of section seventy-three of this act. The bonds for a federal\nproject or non-federal project may be sold by the authority at public or\nprivate sale at such price or prices as the authority may determine.\n The authority may issue its interim certificates, or other temporary\nobligations, to the purchaser of bonds pending the authorization,\npreparation, execution or delivery of definitive bonds. Such interim\ncertificates, or other temporary obligations, shall be in such form,\ncontain such terms, conditions and provisions, bear such date or dates,\nand evidence such agreements relating to their discharge or payment or\nthe delivery of definitive bonds as the authority may by resolution\ndetermine.\n In case any of the members or officers of the authority whose\nsignatures appear on any bonds or coupons shall cease to be such members\nor officers before the delivery of such bonds, such signatures, shall,\nnevertheless, be valid and sufficient for all purposes, the same as if\nthey had remained in office until such delivery.\n Any provisions of any law to the contrary notwithstanding, any bonds,\ninterim certificates, or other obligations issued pursuant to this act\nshall be fully negotiable unless such bonds, interim certificates or\nother obligations expressly provide otherwise.\n 2. Bonds ma
‹ 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.