N.Y. Public Authorities Law Section 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

Source: Section 1035 — Bonds of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/1035 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1035’s source at nysenate​.gov

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