§ 1500-i. Bonds or notes of the authority. 1. The authority shall have\nthe power and is hereby authorized from time to time to issue bonds,\nnotes, or other obligations in conformity with applicable provisions of\nthe uniform commercial code to: (a) pay the cost of acquisition of\nproperty in any covered project; (b) pay the cost of reconstructing,\nmaintaining, improving or repairing any covered project; (c) pay such\nexpenses as may be deemed by the board necessary or desirable to the\nfinancing thereof and placing such covered project in operation; (d)\nestablish reserves to secure the bonds; and (e) pay the principal of,\npremium, if any, and interest on the bonds and the payment of incidental\nexpenses in connection therewith. The aggregate principal amount of such\nbonds, notes or other obligations shall not exceed sixty-five million\ndollars, excluding bonds, notes or other obligations issued to refund or\nrepay bonds, notes or other obligations therefore issued for such\npurposes; provided, however, that upon any such refunding or repayment\nthe total aggregate principal amount of outstanding bonds, notes or\nother obligations may be greater than sixty-five million dollars, only\nif the present value of the aggregate debt service of the refunding or\nrepayment of bonds, notes or other obligations to be issued shall not\nexceed the present value of the aggregate debt service of the bonds,\nnotes or other obligations so to be refunded or repaid. For the purpose\nof this section, the present value of the aggregate debt service of the\nrefunding or repayment bonds, notes or other obligations and the\naggregate debt service of the bonds, notes or other obligations refunded\nor repaid shall be calculated by utilizing the effective interest rate\nof the refunding or repayment of bonds, notes or other obligations,\nwhich shall be that rate arrived at by doubling the semi-annual interest\nrate (compounded semi-annually) necessary to discount the debt service\npayments on the refunding or repayment of bonds, notes or other\nobligations from payment of dates thereof to the date of issue of the\nrefunding or repayment of bonds, notes or other obligations and to the\nprice bid including estimated accrued interest from the sale thereof.\nThe authority shall have the power and is hereby authorized to enter\ninto such agreements and perform such acts as may be required under any\napplicable federal law, rule or regulation to secure a federal guarantee\nto any bonds. With respect to any proposed borrowing by the authority,\nthe authority shall notify the Buffalo fiscal stability authority of\neach proposed issue of bonds or notes to be issued to give the Buffalo\nfiscal stability authority an opportunity to review the terms of and\ncomment on the prudence of each proposed issue of bonds or notes to be\nissued by the parking authority for a period of no less than ten days\nprior to issuing such bonds or notes.\n 2. The authority shall have the power from time to time to renew bonds\nor to issue renewal bonds for such purpose, to issue bonds to pay bonds,\nand, whenever it deems refunding expedient, to refund any bond 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\nand partly for any other purpose of the authority. Bonds issued for\nrefunding purposes shall be sold and the proceeds applied to the\npurchase, redemption or payment of the bonds or notes to be refunded.\n 3. Bonds issued by the authority may be general obligations secured by\nthe faith and credit of the authority or may be special obligations\npayable solely out of particular revenues or other monies as may be\ndesignated in the proceedings of the authority under which the bonds\nshall be authorized to be issued, subject as to priority only to any\nagreements with the holders of outstanding bonds pledging any particular\nproperty, revenues or monies. The authority may
‹ 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.