N.Y. Public Authorities Law § 2510: Bonds and notes of the authority

* § 2510. Bonds and notes of the authority. 1. All bonds and notes

issued by the authority may be secured by the full faith and credit of

the authority subject only to any agreements with the holders of

particular bonds pledging any particular revenues or moneys of the

authority, all as may be provided in the proceedings of the authority

pursuant to which the bonds or notes shall be authorized to be issued.

2. Bonds and notes issued by the authority shall bear such date or

dates and shall mature at such time or times as shall be provided by any

such resolution of the authority, except that no note or any renewal

thereof shall mature more than five years from the date of the original

note and no bond shall mature more than forty years from the date of its

issue.

3. Bonds may be issued in one or more series as serial bonds payable

in annual installments or as term bonds or as a combination thereof.

Bonds and notes shall bear interest at such rate or rates, be in such

denominations, be in such form either payable to bearer with coupons or

registered, carry such registration privileges, be executed in such

manner, be payable in such medium of payment, at such place or places

within or without the state, and be subject to such terms of redemption,

with or without premium, as may be provided by any such resolution of

the authority. Any signature, manual or facsimile, of an officer of the

authority appearing on bonds or notes or coupons shall be valid and

sufficient for all purposes whether or not such officer shall then be in

office. The authority may also provide for the authentication of the

bonds or notes by a trustee or fiscal agent.

4. The resolution authorizing the issuance of any bonds or notes may

provide that such bonds and notes may be payable at such place or

places, within or without the state, may bear interest at such rate or

rates, may be payable at such time or times, may be in such form and

evidenced in such manner, and may contain such other provisions not

inconsistent herewith, including provisions as to reserve or sinking

funds, security for the payment of bonds or notes, redemption or

refunding of bonds or notes, events of default, remedies of bondholders

or noteholders, appointment of trustees or fiscal agents, custody,

collection, securing, investment and payment of any money of the

authority and amendment or abrogation of such provisions, all as the

authority shall determine.

5. Any bonds or notes of the authority may be sold at such price or

prices, at public or private sale, in such manner and from time to time

as may be determined by the authority, and the authority may pay all

expenses, premiums and commissions which it may deem necessary or

advantageous in connection with the issuance and sale thereof. No bonds

or notes of the authority may be sold at private sale, however, unless

such sale and the terms thereof have been approved in writing by (i) the

comptroller where such sale is not to such comptroller, or (ii) the

mayor where such sale is to such comptroller.

6. Neither the members, directors, officers or employees of the

authority nor any person executing the bonds or notes of the authority

shall be liable personally on the bonds or notes or be subject to any

personal liability or accountability by reason of the issuance thereof.

7. Issuance by the authority of one or more series of bonds or notes

for one or more purposes shall not preclude it from issuing other bonds

or notes in connection with the same sports facility or any other sports

facility, but the proceedings whereunder any subsequent bonds or notes

may be issued shall recognize and protect any prior pledge or lease,

made for any prior issue of bonds or notes unless in the proceedings

authorizing such prior issue the right is reserved to issue subsequent

bonds or notes on a parity with such prior issue.

8. All bonds or notes authorized under this section and the interest

coupons applicable thereto are hereby made and shall be construed to be

negotiable instruments.

9. The authority shall have power out of any funds available therefor

to purchase (as distinguished from the power of redemption herein

provided) any bonds or notes of the authority, and all bonds so

purchased shall be cancelled.

* NB (Discontinued-Board of Directors never appointed)