N.Y. Pub. Auth. Law § 829

Current through 2024 NY Law Chapter 456

Section 829 - Bonds of the authority

1. The authority shall have power and is hereby authorized from time to time to issue negotiable bonds in conformity with applicable provisions of the uniform commercial code.

2. Such bonds shall be authorized by resolution of the board and shall bear such date or dates, mature at such time or times, not exceeding thirty years from their respective dates, bear interest at such rate or rates, not exceeding six per centum per annum payable annually or semiannually, be in such denomination or denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide. Such bonds may be sold at public or private sale for such price or prices as the board shall determine, provided that the interest cost to maturity of the money received for any issue of such bonds shall not exceed six per centum per annum.

3. Such bonds may be issued for any corporate purpose of the authority.

4. Any resolution or resolutions authorizing any bonds may contain provisions which shall be a part of the contract with the holders of the bonds as to

(a) pledging all or any part of the gross or net revenues of the authority to secure the payment of the bonds;

(b) the rentals and license fees to be charged for use of the market facilities and the amounts to be raised in each year by rentals and license fees and the use and disposition of such rentals and 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 and its successors to restrict and regulate the use of the market 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 other or additional bonds;

(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.

5. Neither the members of the board 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.

6. 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 accrued interest. All bonds so purchased shall be cancelled.

7. The authority shall have power, subject to the rights and with the consent of the holders of any outstanding bonds issued under the provisions of this title, to issue and sell or exchange its negotiable bonds to refund or to refinance all or any part of such outstanding bonds. All bonds issued by virtue of this section shall be authorized by resolution of the board and shall be issued upon such terms, not inconsistent with the provisions of this title, as the board may determine. Such bonds may be authorized in combination with and as part of an issue of bonds authorized to refund or to refinance and to be sold to provide funds for any purpose for which the authority is now authorized to issue bonds.

N.Y. Pub. Auth. Law § 829