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1187 - Bonds of the Authority.

NY Pub Auth L § 1187 (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;

(b) the rates, rentals and other charges to be imposed and the amounts to be raised in each year by such rates, rentals and charges and the use and disposition thereof and of any other revenues;

(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 its facilities;

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

(f) limitations on the issuance of additional bonds;

(g) the time when the project shall be deemed to be completed, or the method of determining such time, and the time when the certificate provided for in section fourteen hundred four of this chapter shall be filed;

(h) 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 consent thereto and the manner in which such consent may be given.

(i) the refunding of outstanding or other bonds;

(j) the creation of special funds into which any earnings or revenues of the authority may be deposited;

(k) vesting in a trustee or trustees such properties, rights, powers and duties in trust as the authority may determine which may include any or all of the rights, powers and duties of the trustee appointed by the bondholders pursuant to section eleven hundred ninety-two hereof, and limiting or abrogating the right of the bondholders to appoint a trustee under such section or limiting the rights, duties and powers of such trustee;

(l) the payment of the proceeds of bonds and revenues of the properties to a trustee or other depositary, and for the method of disbursement thereof with such safeguards and restrictions as the authority may determine; 4. Neither the members of the board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. 5. The authority shall have power out of any funds available therefor to purchase any bonds issued by it at a price not more than the principal amount thereof and the accrued interest. All bonds so purchased shall be cancelled. 6. It is the intention of the legislature that any pledge of earnings, revenues or other moneys made by the authority shall be valid and binding from the time when the pledge is made; that the earnings, revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and that 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.

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1187 - Bonds of the Authority.