N.Y. Public Authorities Law Section 1005-C
Additional powers of the authority to finance certain projects in connection with the New York state canal system

1.

(a) The authority is hereby authorized, as an additional corporate purpose thereof, to issue its bonds, notes and other evidences of indebtedness in conformity with applicable provisions of the uniform commercial code for purposes of financing the construction, reconstruction, development and improvement of the New York state canal system.

(b)

The authority shall issue any such bonds, notes, or evidences of indebtedness pursuant to paragraph (a) of this subdivision on a basis subordinate in lien and priority of payment to the authority’s senior lien indebtedness as the authority shall provide by resolution.

2.

All of the provisions of this title relating to bonds, notes and other evidence of indebtedness, which are not inconsistent with this section, shall apply to obligations authorized by this section, including but not limited to the power to issue renewal notes or refunding bonds thereof.

3.

Subject to agreements with noteholders or bondholders, the authority shall have the authority to fix and collect such fees, rentals and charges for the use of the canal system or any part thereof necessary or convenient, with an adequate margin of safety, to produce sufficient revenue to meet the expense of maintenance and operation and to fulfill the terms of any agreements made with the holders of its notes or bonds, and to establish the rights and privileges granted upon payment thereof; provided, however, that tolls may only be imposed for the passage through locks and lift bridges by vessels which are propelled in whole or in part by mechanical power.

Source: Section 1005-C — Additional powers of the authority to finance certain projects in connection with the New York state canal system, https://www.nysenate.gov/legislation/laws/PBA/1005-C (updated Jan. 13, 2017; accessed Dec. 21, 2024).

1000
Short title 1001
Declaration of policy 1001‑A
Emergency provisions for the metropolitan area of the city of New York 1002
Power Authority of the State of New York 1003
Trustees 1004
Officers and employees 1005
Powers and duties of authority 1005‑A
Actions or contracts involving certain nuclear power plants 1005‑B
New York state canal corporation 1005‑C
Additional powers of the authority to finance certain projects in connection with the New York state canal system 1005‑D
Sharing employees, services and resources 1006
Power to compel attendance of witnesses 1007
Acquisition of property 1008
Consent of state 1009
Contracts negotiated by authority 1009‑A
Notes of the authority 1010
Bonds of the authority 1010‑A
Deposit and investment of moneys of the authority 1011
Agreement of the state 1012
Exemption from taxation 1012‑A
Emergency contributions to county of Niagara and city of Niagara Falls 1013
Repayment of state appropriations 1014
Public service law not applicable to authority 1015
Title not affected if in part unconstitutional or ineffective 1017
Actions against authority

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N.Y. Public Authorities Law Section 1005-C Additional powers of the authority to finance certain projects in connection with the New York state canal system

1.

(b)

2.

3.

N.Y. Public Authorities Law Section 1005-C
Additional powers of the authority to finance certain projects in connection with the New York state canal system