§ 2536. Notes and bonds of the corporation. 1. (a) The corporation\nshall have power and is hereby authorized from time to time to issue its\nnegotiable notes and bonds in conformity with applicable provisions of\nthe uniform commercial code in such principal amount, as the corporation\nshall determine to be necessary, to provide sufficient funds for\nachieving its corporate purposes, including the making of payments to\nthe city, the payment of interest on notes and bonds of the corporation,\nthe establishment of reserves to secure such notes and bonds, and the\npayment of all operating expenses of the corporation and all other\nexpenditures of the corporation incidental to or necessary or convenient\nto carry out its corporate purposes and powers.\n (b) The corporation shall have the power, from time to time, to issue\n(i) notes to renew notes and (ii) bonds to pay notes, including the\ninterest thereon and, whenever it deems refunding expedient, to refund\nany bonds by the issuance of new bonds, whether the bonds to be refunded\nhave or have not matured, and to issue bonds partly to refund bonds then\noutstanding and partly for any of its other corporate purposes. The\nrefunding bonds may be exchanged for the bonds to be refunded or sold\nand the proceeds applied to the purchase, redemption or payment of such\nbonds.\n (c) Except as may otherwise be expressly provided by the corporation,\nevery issue of its notes and bonds shall be general obligations of the\ncorporation payable out of any revenues of the corporation, subject only\nto any agreements with the holders of particular notes or bonds pledging\nany particular revenues.\n (d) The notes and bonds shall be authorized by resolution of the\ncorporation, shall bear such date and shall mature at such time as such\nresolution may provide, except that no note or bond or the renewal or\nrefunding thereof shall mature more than ten years from the date of the\noriginal issue of such note or bond. The bonds may be issued as serial\nbonds or as term bonds or as a combination thereof. Provision for the\npayment of principal of and interest on bonds shall be made in not more\nthan ten approximately equal annual installments or in not more than\ntwenty approximately equal semi-annual installments. The notes and bonds\nshall bear interest at such rate and shall be in such denomination, be\nin such form, either coupon or registered, carry such registration\nprivileges, be executed in such manner, be payable in such medium of\npayment, at such place and be subject to such terms of redemption as\nsuch resolution may provide. The notes and bonds may be sold by the\ncorporation at public or private sale, at such price as the corporation\nshall determine.\n 2. Any resolution authorizing any notes or bonds or any issue thereof\nmay contain provisions, which shall be a part of the contract with the\nholders thereof, as to:\n (a) pledging all or any part of the revenues to secure the payment of\nthe notes or bonds or of any issue thereof, subject to such agreements\nwith noteholders or bondholders as may then exist;\n (b) pledging all or any part of the assets of the corporation to\nsecure the payment of the notes or bonds or of any issue of notes or\nbonds, subject to such agreements with noteholders or bondholders as may\nthen exist;\n (c) the setting aside of reserves or sinking funds and the regulation\nand disposition thereof;\n (d) limitations on the purpose to which the proceeds of sale of notes\nor bonds may be applied and pledging such proceeds to secure the payment\nof the notes or bonds or of any issue thereof;\n (e) limitations on the issuance of additional notes or bonds; the\nterms upon which additional notes or bonds may be issued and secured;\nand the refunding of outstanding or other notes or bonds;\n (f) the procedure, if any, by which the terms of any contract with\nnoteholders or bondholders may be amended or abrogated, the amount of\nnotes or bonds the holders
‹ 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.