N.Y. Public Authorities Law § 1035: Bonds of the authority

* § 1035. Bonds of the authority. The bonds, certificates of

indebtedness and other obligations of the authority, unless disposed of

to the Reconstruction Finance Corporation, the federal emergency

administrator of public works or any other federal agency, shall be sold

at public sale at not less than par. A resolution or resolutions

authorizing any such obligations may contain provisions which shall be

part of the contract with the holders thereof, which provisions may:

(a) pledge the revenues of the authority to secure the payment of such

bonds and agree to maintain adequate rates for such purposes;

(b) give to any such bonds a prior charge upon such revenues;

(c) require such revenues to be set aside for sinking funds and

reserve funds, safeguarding the deposit, use and investment thereof;

(d) limit or restrict the power of the authority under this title

insofar as the same may be deemed advisable to secure the payment of

such bonds;

(e) limit the power of the authority to issue additional obligations

or restrict such power by relation to the revenues of the authority and

with respect to the purposes thereof and the use of the proceeds or

otherwise;

(f) authorize the appointment of a trustee or receiver as provided in

section one thousand forty, limit the rights of bondholders to enforce

their bonds by independent action, and in the event of a receivership

require the return of all properties to the authority when the bonds are

paid or redeemed and all costs paid;

(g) contain any other provisions reasonably necessary or deemed

advisable to secure and provide for the payment of said bonds and the

rights and remedies of the holders thereof;

(h) provide for the form of such bonds, coupon, registered or

registerable coupon, and for ascertaining the owners or holders thereof

for any purpose under section one thousand forty or;

(i) provide for the amendment of any such resolution in any respect,

and the amount of bonds the holders of which must consent thereto or

whose objection thereto after published or written notice may prevent

such amendment.

* NB Terminated July 1, 1963