§ 1098. 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 a lien or\npledge covering all or part of its contracts, earnings or revenues\nexcept that no resolution or other action of the authority providing for\nthe issuance of bonds may be adopted or otherwise made effective without\nthe prior approval of the Monroe county legislature. The powers\nconferred by this section on such Monroe county legislature shall be\nexercised with due regard for the rights of the holders of bonds of the\nauthority at any time outstanding, and nothing in, or done pursuant to,\nthis section shall in any way limit, restrict or alter the obligation or\npowers of the authority or any member, director, officer or\nrepresentative of the authority to carry out and perform in every detail\neach and every covenant, agreement or contract at any time made or\nentered into by or on behalf of the authority with respect to its bonds\nor for the benefit, protection, or security of the holders thereof. The\nauthority shall have power from time to time whenever it deems refunding\nexpedient, to refund any bonds by the issuance of new bonds whether the\nbonds to be refunded have or have not matured, and may issue bonds\npartly to refund bonds then outstanding and partly for any of its\ncorporate purposes. Except as may be otherwise expressly provided by the\nauthority, every issue of bonds by the authority shall be general\nobligations payable out of any moneys, earnings or revenues of the\nauthority, subject only to any agreements with the holders of particular\nbonds pledging any particular moneys, earnings 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\nrates per annum not exceeding six per centum per annum payable at such\ntimes within the limitations as to interest cost hereinafter provided,\nbe in such denominations, be in such form either coupon or registered,\ncarry such registration privileges, be executed in such manner, be\npayable in lawful money of the United States of America, at such place\nor places and be subject to such terms of redemption, at par or at a\nprice not exceeding one hundred five per centum of their face value, as\nsuch resolution or resolutions may provide.\n All bonds of the authority may be sold at public or private sale. Such\nbonds shall be sold for a price not less than ninety-six per centum of\nthe par value thereof, plus accrued interest, provided always that the\ninterest cost to maturity of the monies realized from the sale of such\nbonds shall not exceed six per centum per annum.\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 on the purposes to which and the manner in which th
‹ 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.