§ 1197-g. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds, in\nconformity with applicable provisions of the uniform commercial code, in\nsuch principal amounts as it may determine to be necessary to pay the\ncost of any water project or projects or for any other corporate\npurposes, including incidental expenses in connection therewith. The\nauthority shall have power from time to time 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 other corporate purpose. Bonds issued by the authority\nmay be general obligations secured by the faith and credit of the\nauthority or may be special obligations payable solely out of particular\nrevenues or other moneys of the authority as may be designated in the\nproceedings of the authority under which the bonds shall be authorized\nto be issued, subject to any agreements with the holders of outstanding\nbonds pledging particular revenues or moneys.\n 2. The authority is authorized to obtain from any department or agency\nof the United States of America or nongovernmental insurer any insurance\nor guaranty, or any other credit enhancement arrangement with any bank\nor other financial institution to the extent now or hereafter available,\nas to, or for the payment or repayment of interest or principal, or\nboth, or any part thereof, on any bonds issued by the authority and to\nenter into any agreement or contract with respect to any such insurance\nor guaranty, except to the extent that the same would in any way impair\nor interfere with the ability of the authority to perform and fulfill\nthe terms of any agreement made with the holders of the bonds of the\nauthority.\n 3. Bonds shall be authorized by resolution of the authority, and may\nbe in such denominations and bear such date or dates and mature at such\ntime or times as such resolution may provide except that bonds and any\nrenewal thereof shall mature within forty years of the date of their\noriginal issuance and notes and any renewal thereof shall mature within\nfive years of the date of their original issuance. Such bonds shall be\nsubject to such terms of redemption, bear interest at such rate or\nrates, which may vary from time to time, as may be necessary to effect\nthe sale thereof and shall be payable at such times, be in such form,\ncarry such registration privileges, be executed in such manner, be\npayable in such medium of payment at such place or places, and be\nsubject to such terms and conditions as such resolution may provide.\nBonds may be sold at public sale or at private sale for such price or\nprices as the authority shall determine, provided that no issue of bonds\nmay be sold at private sale unless the terms of such sale shall have\nbeen approved in writing by:\n (a) the comptroller, where such sale is not to the comptroller, or\n (b) the director of the division of the budget of the state, where\nsuch sale is to the comptroller.\n 4. Any resolution or resolutions authorizing bonds or any issue of\nbonds by the authority may contain provisions which may be part of the\ncontract with the holders of the bonds thereby authorized as to:\n (a) pledging all or part of its revenues, together with any other\nmoneys, securities, contracts or property, to secure the payment of the\nbonds, subject to 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 purpose to which the proceeds from the sale of\nbonds may be applied;\n (e) limitations on the right of the authority to restrict a
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