§ 1056. Bonds of the authority. 1. The authority shall have the power\nand is hereby authorized from time to time to issue its negotiable bonds\nin conformity with applicable provisions of the uniform commercial code\nfor any of its corporate purposes, including incidental expenses in\nconnection therewith, and to secure the payment of the same by lien of\nthe pledge of the revenues. The authority shall have power from time to\ntime whenever it deems refunding expedient, to refund any bonds by the\nissuance of new bonds, whether the bonds to be refunded have or have not\nmatured, and may issue bonds partly to refund bonds then outstanding and\npartly for any of its corporate purposes. Except as may be otherwise\nexpressly provided by the authority, every issue of bonds by the\nauthority shall be general obligations payable out of any moneys,\nearnings or revenues of the authority, subject only to any agreements\nwith the holders of particular bonds pledging any particular moneys,\nearnings or revenues.\n 2. The bonds shall be authorized by resolution of the authority and\nshall bear such date or dates, mature at such time or times not\nexceeding forty years from their respective dates, bear interest at such\nrate or rates per annum payable at such times, be in such denominations,\nbe in such form either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in lawful money of\nthe United States of America, at such place or places and be subject to\nsuch terms of redemption, as such resolution or resolutions may provide.\nSuch bonds of the authority may be sold at public or private sale for\nsuch price or prices as the authority shall determine provided, however,\nthat any private sale shall be subject to the approval of the state\ncomptroller. The foregoing provisions shall be applicable to bonds\nissued by the authority notwithstanding the provisions of any other\ngeneral, special or local law to the contrary.\n 3. Any resolution or resolutions authorizing any bonds or any issue of\nbonds may contain provisions, which shall be a part of the contract with\nthe holders of the bonds thereby authorized, as to\n (a) pledging all or any part of the moneys, earnings, income and\nrevenues derived from all or any part of the properties of the authority\nto secure the payment of the bonds or of any issue of the bonds subject\nto such agreements with bondholders as may then exist;\n (b) the rates, rentals, fees and other charges to be fixed and\ncollected and the amounts to be raised in each year thereby, and the use\nand disposition of the earnings and other revenues;\n (c) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (d) limitations on the right of the authority to restrict and regulate\nthe use of the properties in connection with which such bonds are\nissued;\n (e) limitations in the purposes to which the proceeds of sale of any\nissue of bonds may be applied and pledging such proceeds to secure the\npayment of the bonds or any issue of the bonds;\n (f) limitations on the issuance of additional bonds, the terms upon\nwhich additional bonds may be issued and secured; the refunding of\noutstanding or other bonds;\n (g) the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders\nof which must consent thereto, and the manner in which such consent may\nbe given;\n (h) the creation of special funds into which any earnings or revenues\nof the authority may be deposited;\n (i) the terms and provisions of any mortgage or trust deed or\nindenture securing the bonds or under which bonds may be issued;\n (j) vesting in a trustee or trustees such properties, rights, powers\nand duties in trust as the authority may determine which may include any\nor all of the rights, powers and duties of the trustee appointed by the\nbondholders pursuant to section
‹ 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.