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881 - Bonds of the Authority.

NY Pub Auth L § 881 (2019) (N/A)
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(a) Pledging all or any part of the gross or net revenues of the authority to secure the payment of the bonds, subject to such agreements with bond holders as may then exist;

(b) The rentals, fees and other charges to be charged for the use of market facilities, and the amounts to be raised in each year thereby, and the use and disposition of revenues of the authority;

(c) The setting aside of reserves or sinking funds and the regulation and disposition thereof;

(d) Limitations on the right of the authority to restrict and regulate the use of market facilities;

(e) Limitations on the purpose to which the proceeds of the sale of any issue of bonds then or thereafter to be issued may be applied;

(f) Limitations on the issuance of additional bonds, including the terms upon which additional bonds may be issued and secured;

(g) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must give consent thereto, and the manner in which such consent may be given; and

(h) Any other matters, of like or different character, which in any way affect the security or protection of the bonds. 4. Any pledge of revenues or other moneys made by the authority shall be valid and binding from the time when the pledge is made. The revenues or other moneys so pledged and thereafter received by the authority shall be immediately subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded. 5. Neither the members of the authority nor any person executing the bonds shall be liable personally on the bonds or be subject to any personal liability by reason of the issuance thereof, excepting solely for things willfully done or willfully omitted to be done with an intent to defraud. 6. The authority shall have power out of any funds available therefor to purchase any of its outstanding bonds at a price not more than the principal amount thereof and accrued interest. All bonds so purchased shall be cancelled.

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881 - Bonds of the Authority.