532 - Bonds of the Authority.

NY Pub Auth L § 532 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a) Pledging the tolls and revenues of the bridges or any of them to secure the payment of the bonds or notes;

(b) The rates of the tolls to be charged, and the amount to be raised in each year by tolls, and the use and disposition of the tolls 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 to restrict and regulate the use of the bridges;

(e) Limitations on the purposes to which the proceeds of sale of any issue of bonds or notes then or thereafter to be issued may be applied and pledging such proceeds to secure the payment of the bonds or notes or of any issue thereof;

(f) Limitations on the issuance of additional bonds or notes or on other debt;

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

(h) Limitations on the amount of moneys derived from any of the bridges to be expended for operating, administrative or other expenses of the authority;

(i) Vesting in a trustee or trustees such property, 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 five hundred thirty-seven hereof, and limiting or abrogating the right of the bondholders to appoint a trustee under said section or limiting the rights, duties and powers of such trustee;

(j) Any other matters, of like or different character, which in any way affect the security or protection of the bonds or notes. 7. Neither the members of the board nor any person executing such bonds or notes shall be liable personally on said bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof. 8. The authority shall have power out of any funds available therefor to purchase any bonds or notes issued by it. The authority may hold, cancel, or resell such bonds or notes subject to and in accordance with agreements with bondholders or noteholders. 9. It is the intention hereof that any pledge of tolls or other revenues or other moneys made by the authority shall be valid and binding from the time when the pledge is made; that the tolls or other 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.