* § 157. Bonds of the authority. 1. The authority shall have power and\nis hereby authorized from time to time to issue its negotiable bonds in\nconformity with applicable provisions of the uniform commercial code in\nthe aggregate principal amount of not exceeding ten million, fifty\nthousand dollars outstanding at any one time. The authority shall have\npower from time to time to refund any bonds by the issuance of new\nbonds, whether the bonds to be refunded have or have not matured, and\nmay issue bonds partly to refund bonds then outstanding and partly for\nany other corporate purposes. In computing the total amount of bonds of\nthe authority which may at any time be outstanding the amount of the\noutstanding bonds to be refunded from the proceeds of the sale of new\nbonds or by exchange for new bonds shall be excluded. Except as may\notherwise be expressly provided by the authority, every issue of the\nbonds shall be general obligations payable out of any moneys or revenues\nof the authority, subject only to any agreements with the holders of\nparticular bonds pledging any particular revenues.\n 2. Such bonds shall be authorized by resolution of the board and shall\nbear such date or dates, mature at such time or times, not exceeding\nforty years from their respective dates, bear interest at such rate or\nrates, not exceeding five per centum per annum payable semi-annually, be\nin such denominations, be in such form, either coupon or registered,\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 of redemption, as such resolution or resolutions\nmay provide. Such bonds may be sold at public or private sale for such\nprice or prices as the authority shall determine.\n 3. Such bonds may be issued for any corporate purpose of the authority\nincluding payment of the cost of the acquisition of any additional\nlands, easements or rights in land which may hereafter be acquired for\nJones Beach parkway or Captree bridge or Captree parkway or any other\nimprovements that the authority is authorized to construct.\n 4. Any resolution or resolutions authorizing any bonds may contain\nprovisions, which shall be a part of the agreement with the holders of\nthe bonds, as to (a) pledging the revenues of Jones Beach parkway and\nCaptree bridge and Captree parkway and any improvements operated by the\nauthority, or any part of such revenues to secure the payment of the\nbonds or of any issue of the bonds;\n (b) the rates of the tolls and rentals to be charged and of other\ncharges to be made, and the amount to be raised in each year in revenues\nof any kind and the use and disposition of the revenues;\n (c) the setting aside of reserves or sinking funds, and the regulation\nand disposition thereof;\n (d) limitations on the right of the commission and of the authority\nand their successors to restrict and regulate the use of Jones Beach\nparkway, Captree bridge, Captree parkway, or any other improvement in\nconnection with which such bonds are issued;\n (e) limitations on the purposes to which the proceeds of the sale of\nany issue of bonds then or thereafter to be issued may be applied and\npledging such proceeds to the payment of the bonds on such terms and\nconditions as the resolution may provide;\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 agreement 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) limitations on the amount of revenues derived from Jones Beach\nparkway, Captree bridge, Captree parkway or any improvement operated by\nthe authority to be expended for operating, administrative or other\nexpenses of the authority;\n
‹ 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.