§ 68-b. Issuance of bonds and notes. 1. (a) Authorized issuers shall\nhave the power and are hereby authorized from time to time to issue\nrevenue bonds, in such principal amount or amounts, subject to\nsubdivision eight of this section and as the director of the budget\nshall determine to be necessary, to provide sufficient funds for\nauthorized purposes, the establishment of reserves to secure such\nrevenue bonds, the payment of amounts required under revenue bonds or\nagreements relating thereto, and the payment of all costs of issuance of\ntheir revenue bonds.\n (b) The authorized issuers shall have the power and are hereby\nauthorized from time to time to issue (i) revenue bonds to renew notes,\n(ii) revenue bonds to pay notes, and (iii) whenever it deems refunding\nexpedient, to refund any bonds, notes, or other obligations issued for\nan authorized purpose or purposes, by the issuance of new revenue bonds,\nincluding bonds, notes, or other obligations that were issued prior to\nthe enactment of this article, whether the bonds, notes, or other\nobligations to be refunded have or have not matured, and to issue\nrevenue bonds in part to refund bonds, notes, or other obligations then\noutstanding and in part for any of its other authorized purposes. The\nrefunding revenue bonds may be exchanged for bonds, notes, or other\nobligations to be refunded, or sold and the proceeds applied to the\npurchase, redemption or payment of such bonds, notes, or other\nobligations.\n (c) Except as may otherwise be expressly provided by an authorized\nissuer, every issue of revenue bonds of an authorized issuer pursuant to\nthis section shall be special obligations of the authorized issuer\npayable solely out of any revenues paid over to such authorized issuer\nfrom the revenue bond tax fund, established pursuant to section\nninety-two-z of this chapter.\n (d) All of the provisions of the enabling acts of the authorized\nissuers relating to bonds and notes, which are not inconsistent with the\nprovisions of this section, may, at the discretion of the authorized\nissuer, apply to revenue bonds authorized by this section.\n (e) The revenue bonds of the authorized issuers authorized by this\nsection shall not be a debt of the state and the state shall not be\nliable thereon, nor shall they be payable out of any funds other than\nthose of the authorized issuers pledged therefor; and such revenue bonds\nshall contain on the face thereof a statement to such effect. In\naddition, any agreements entered into by any entity pursuant to sections\nsixty-eight-c and ninety-two-z of this chapter on behalf of the state to\neffect the implementation of any of the activities financed in whole or\nin part with proceeds of the revenue bonds of the authorized issuers\nauthorized in this section do not constitute or create a debt of the\nstate, nor a contractual obligation in excess of the amounts\nappropriated therefor, and the state has no continuing legal or moral\nobligation to appropriate money for payments due under any such\nagreement.\n (f) (i) Revenue bonds shall be authorized by resolution of the\nauthorized issuers, be in such denominations, bear such date or dates\nand mature at such time or times, as such resolution or other agreement\nmay provide.\n (ii) Revenue bonds shall be subject to such terms of redemption, bear\ninterest at such rate or rates, be payable at such times, be in such\nform, either coupon, registered or book entry form, carry such\nregistration privileges, be executed in such manner, be payable in such\nmedium of payment at such place or places, and be subject to such terms\nand conditions as such resolution may provide.\n (g) Revenue bonds authorized hereunder shall be sold by authorized\nissuers, at public or private sale, at such price or prices as the\nauthorized issuers may determine. Revenue bonds of the authorized\nissuers shall not be sold by the authorized issuers at private sales\nunless such sale and the terms t
‹ 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.