§ 17. Bonds and notes of the corporation. (1) Subject to the\nprovisions of section eighteen of this act, the corporation shall have\nthe power and is hereby authorized from time to time to issue its\nnegotiable bonds and notes in conformity with applicable provisions of\nthe uniform commercial code in such principal amounts, as, in the\nopinion of the corporation, shall be necessary to provide sufficient\nfunds for achieving any of its corporate purposes, including the payment\nof interest on bonds and notes of the corporation, establishment of\nreserves to secure such bonds and notes, and all other expenditures of\nthe corporation incident to and necessary or convenient to carry out its\ncorporate purposes and powers.\n (2) All bonds and notes issued by the corporation may be secured by\nthe full faith and credit of the corporation or may be payable solely\nout of the revenues and receipts derived from the lease, mortgage or\nsale by the corporation of its projects or of any thereof, all as may be\ndesignated in the proceedings of the corporation under which the bonds\nor notes shall be authorized to be issued. Such bonds and notes may be\nexecuted and delivered by the corporation at any time and from time to\ntime, may be in such form and denominations and of such tenor and\nmaturities, may be in bearer form or in registered form, as to principal\nand interest or as to principal alone, all as the corporation may\ndetermine.\n (3) Bonds may be payable in such installments and at such time or\ntimes not exceeding fifty years from the date thereof, as shall be\ndetermined by the corporation.\n (4) Notes, or any renewals thereof, may be payable in such\ninstallments and at such time or times as shall be determined by the\ncorporation, not exceeding ten years from the date of the original issue\nof such notes.\n (5) Bonds and notes may be payable at such place or places whether\nwithin or without the state, may bear interest at such rate or rates\npayable at such time or times and at such place or places and evidenced\nin such manner, and may contain such provisions not inconsistent\nherewith, all as shall be provided in the proceedings of the corporation\nunder which the bonds or notes shall be authorized to be issued.\n (6) If deemed advisable by the corporation, there may be retained in\nthe proceedings under which any bonds or notes of the corporation are\nauthorized to be issued an option to redeem all or any part thereof as\nmay be specified in such proceedings, at such price or prices and after\nsuch notice or notices and on such terms and conditions as may be set\nforth in such proceedings and as may be recited in the face of the bonds\nor notes, but nothing herein contained shall be construed to confer on\nthe corporation any right or option to redeem any bonds or notes except\nas may be provided in the proceedings under which they shall be issued.\n (7) Any bonds or notes of the corporation may be sold at such price or\nprices, at public or private sale, in such manner and from time to time\nas may be determined by the corporation, and the corporation may pay all\nexpenses, premiums and commissions which it may deem necessary or\nadvantageous in connection with the issuance and sale thereof. No bonds\nor notes of the corporation may be sold at private sale, however, unless\nsuch sale and the terms thereof have been approved in writing by (a) the\ncomptroller where such sale is not to the comptroller, or (b) the state\ndirector of the budget, where such sale is to the comptroller.\n (8) Any moneys of the corporation, including proceeds from the sale of\nany bonds or notes, and revenues, reciepts and income from any of its\nprojects or mortgages, may be invested and reinvested in such\nobligations, securities and other investments as shall be provided in\nthe resolution or resolutions under which such bonds or notes are\nauthorized.\n (9) Issuance by the corporation of one or more series of bonds or\nnotes for on
‹ 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.