§ 2437-a. Tax lien collateralized securities. (1) The agency or its\ntax lien entity shall have the power and is hereby authorized from time\nto time to issue its tax lien collateralized securities in such\nprincipal amounts as, in the opinion of the agency, shall be necessary\nto provide sufficient funds for the purchase of tax liens, or the\nrefunding of outstanding securities of the agency or its tax lien\nentity, establishment of reserves to secure such tax lien collateralized\nsecurities, payment of letter of credit, bond insurance and other credit\nand liquidity support facility fees, premiums, reimbursements and\nexpenses, fees and expenses of trustees and paying agents and other\nfinancing costs including any accrued costs payable to the New York\nstate housing finance agency pursuant to any contract entered into under\nsubdivision twelve of section twenty-four hundred thirty-four of this\ntitle and all other expenditures of the agency or its tax lien entity\nincident to and necessary or convenient to the purchase of municipal tax\nliens.\n (2) Except as may otherwise be expressly provided by the agency, all\ntax lien collateralized securities issued by the agency or its tax lien\nentity shall be special limited obligations of the agency or its tax\nlien entity payable only upon the redemption of the tax liens purchased\nor the liquidation of the related real estate parcels and other\ncollateral or credit enhancement agreements pledged to secure such\nobligations, subject to any agreements pledging any particular moneys,\nassets or revenues, all as may be designated in the proceedings of the\nagency under which said tax lien collateralized securities shall be\nauthorized to be issued.\n (3) Tax lien collateralized securities shall be authorized by a\nresolution or resolutions of the agency adopted as provided by this\ntitle; provided, however, that any such resolution authorizing the\nissuance of such securities may delegate to an officer of the agency the\npower to issue such securities from time to time and to fix the details\nof any such issues of tax lien collateralized securities by an\nappropriate certificate of such authorized officer.\n (4) Tax lien collateralized securities shall bear such date or dates,\nshall mature at such time or times, shall bear interest at such rate or\nrates, shall be of such denominations, shall be in such form, carry such\nregistration privileges, be executed in such manner, be payable in\nlawful money of the United States of America at such place or places\nwithin or without the state, be subject to such terms of redemption\nprior to maturity and have such other terms as may be provided by such\nresolution or resolutions or such certificate with respect to such\nsecurities, as the case may be.\n (5) Any tax lien collateralized security of the agency or its tax lien\nentity may be sold at public or private sale and from time to time upon\nsuch terms and at such prices as may be determined by the agency, and\nthe agency may pay all expenses, premiums and commissions which it may\ndeem necessary or advantageous in connection with the issuance and sale\nthereof.\n (6) Whether or not tax lien collateralized securities are of such form\nand character as to be negotiable instruments under the terms of the\nuniform commercial code, tax lien collateralized securities are hereby\nmade negotiable instruments within the meaning of and for all the\npurposes of the uniform commercial code, subject only to the provisions\nof the tax lien collateralized securities for registration.\n (7) Any resolution or resolutions authorizing any tax lien\ncollateralized securities of the agency or of its tax lien entity may\ncontain provisions which may be a part of the contract with the holders\nof securities, as to: (i) pledging or creating a lien, to the extent\nprovided by such resolution or resolutions, on all or any part of any\nmoneys or assets of the agency and its tax lien entity or of any moneys
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